Gurumurthy K
Investors with a short-term perspective can buy the shares of Cox & Kings. The stock surged over 4 per cent on Monday. This sharp rise has decisively broken the downtrend that was in place since April.
The 21-day moving average at ₹257 has been providing strong support for the stock since last Wednesday. There is resistance at ₹280, but it is likely to get breached in the upcoming trading sessions. Such a break can take the stock to ₹290 and even to ₹300 thereafter. Immediate support for the stock is at ₹275.
Traders with a short-term perspective can go long. Stop-loss can be placed at ₹273 for a target of ₹288. The bullish outlook will get negated only if the stock breaks and records a strong close below the 21-day moving average support. The next targets will be ₹250 and ₹240. But such a sharp fall looks unlikely for now.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.