Graphite India share price has been in a strong uptrend since April this year. After a brief consolidation above ₹400 all through the month of July, the stock has started to move up again over the last two weeks. Immediate support is at ₹448. Below that ₹420 – the 21-Day Moving Average (MA) is the next strong support. This 21-Day MA has limited the downside very well all-through the consolidation that happened last month.
Graphite India share price can rise to ₹550-560 over the next three-four weeks. Traders can go long now. Accumulate at ₹452. Keep the stop-loss at ₹415. Trail the stop-loss up to ₹469 as soon as the stock moves up to ₹478. Move the stop-loss further up to ₹490 when Graphite India share price touches ₹510. Exit the long positions at ₹545.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)