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The outlook for the stock of Blue Star is bullish. The stock is currently consolidating in a narrow range between ₹420 and ₹435. Also, this consolidation is taking place above the 21-day moving average level at ₹424.
This moving average support halted the stock’s corrective fall in early May; the fall had begun from the April high of ₹444. The subsequent reversal is keeping the uptrend that had begun in March intact. It also signals the beginning of a fresh leg of upmove in the stock.
A rise to test the previous high of ₹444 looks likely in the near term. A move past ₹444 may see the stock targeting ₹450 or even ₹470 thereafter. Traders with a short-term perspective can go long. Stop-loss can be placed at ₹422 for a target of ₹460. Intermediate dips to ₹430 and ₹425 can be used to accumulate longs. Revise the stop-loss higher to ₹443 as soon as the stock touches ₹450.
The outlook for the stock will turn negative if it declines decisively below the 21-day moving average support. (Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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