Sell in Madras Cements from a short-term perspective. It is evident from the charts that the stock was on an intermediate-term uptrend from its March low of Rs 57 till July high of Rs 123. However, the stock met with a significant resistance around Rs 120 and changed its trend. It has been on a short-term downtrend since the July high. The stock conclusively penetrated its intermediate-term uptrend-line in recent times. Moreover, we observe that the volume has been dropping since the July peak. The daily and weekly relative strength indices (RSI) are declining in the neutral region towards the bearish zone. Besides, the weekly price rate of change indicator has entered the negative territory signalling selling interest. Our short-term outlook for the stock is bearish. We expect its decline to continue until it hits our price target of Rs 95. Traders with a short-term perspective can sell the stock while maintaining a stop-loss at Rs 110.

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