The short-term outlook for the stock of Usha Martin is bullish. The stock has surged 6 per cent on Wednesday and has closed just above the ₹190-₹193 resistance region. This ₹193-190 will now act as a good support and limit the downside. Dips to this support zone is likely to get fresh buyers. Usha Martin share price can rise to ₹220 over the next two-three weeks. Intermediate resistance is at ₹210.
Traders can go long now. Accumulate on dips at ₹192. Keep the stop-loss at ₹184. Trail the stop-loss up to ₹202 when the price touches ₹206. Move the stop-loss further up to ₹209 when the stock touches ₹212 on the upside. Book profits at ₹215. The region around ₹220 is a strong resitstance and the chance of a reversal is high from there.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)