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The short-term outlook for the stock of Sundram Fasteners is bullish. The stock rose 1.89 per cent on Thursday. It has been moving up consistently for almost two weeks. The recent rally has taken the stock well above the key resistance level of ₹890. In addition to this, the 21-Day Moving Average (DMA) is on the verge of crossing over the 200-DMA. This is a bullish signal. It also strengthens the case for the uptrend to remain intact. The stock has room to rise further towards ₹1,040-₹1,050 in the next one month. A strong break above ₹1,050 will then pave way for a further rise to ₹1,150 over the next three months.
Traders with a short-term perspective can go long now. Accumulate on dips at ₹915 and at ₹895. Stop-loss can be placed at ₹870. Trail the stop-loss up to ₹955 as soon as the stock reaches ₹980 on the upside. Move the stop-loss further up to ₹990 as soon as the stock touches ₹1,015. Book profits at ₹1,035.
The bullish outlook will get negated only if the stock breaks below ₹885. But that looks unlikely. Any intermediate dip is likely to see fresh buyers coming into the market.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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