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The short-term outlook is bullish for IFB Industries. The stock surged over 5 per cent on Thursday, breaking above the key resistance around ₹860. The region between ₹870 and ₹860 is good support and limits the downside. Immediate resistance is at ₹910. The chances are looking high for the stock to break ₹910. Such a break can take IFB Industries’ share price up to ₹960 initially.
A further break above ₹960 can take the stock up to ₹1,020 over the next three-four weeks. Traders can go long now. Accumulate on dips at ₹878. Keep the stop-loss at ₹815. Trail the stop-loss up to ₹905 as soon as the stock moves up to ₹945. Move the stop-loss to ₹975 when the stock price touches ₹995. Exit the long positions at ₹1,015.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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