KEC International falls 2% despite Rs 1,014 crore orders

KEC International Limited shares fell 2% to Rs 362.45 despite new orders worth Rs 1,014 crore. Support is at Rs 348 and resistance at Rs 390. KEC International Limited [

] shares fell 2% to Rs 362.45 on 12 October, even after the company announced new orders. The stock is trading near its four-year low. The company secured orders worth Rs 1,014 crore in its India transmission and distribution business. They include its first order for a 765 kV transmission line to evacuate power from a pumped storage plant in western India. Year-to-date order intake has now crossed Rs 9,600 crore. The session opened at Rs 373.20, touched a high of Rs 378.75 and a low of Rs 360.55. A fall on positive news may show that sellers still control the price for now. In my view, the trend is bearish. The stock has fallen steadily from its peak above Rs 1,300, and it keeps making lower highs and lower lows. Rs 348 is the support, and a fall below it would put lower levels in view. On the upside, Rs 390 is the resistance. A move above it would weaken the bearish view and bring a recovery attempt into focus. Bearish view while price trades below Rs 390. Disclaimer: I do not hold any position in this. This content is for informational purposes only and is not a recommendation to buy or sell. Investments in securities are subject to market risks. Please read all related documents carefully before investing.