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Birla Corporation surged 6.8 per cent last week. This rally has helped the stock break-out of an ascending triangle on the daily candlestick chart. The stock has also reversed from the 200-day moving average support at Rs 236. This strengthens the bullish outlook for the stock. Immediate supports are at Rs 253 and Rs 250. There is a high probability of the stock sustaining above Rs 250. Short-term traders can go long now and also accumulate in dips to Rs 250 with a stop-loss at Rs 247. The stock can rally further to target Rs 275 and Rs 283. The stock has to decline below Rs 250 to make the outlook negative. Such declines look less probable at the moment.
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