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The outlook for the stock of Kolte-Patil Developers is bullish.
There is an inverted head and shoulder bullish pattern visible on the chart with a neckline support at ₹282. Intermediate pull-back to ₹282 cannot be ruled out. Intermediate resistance is at ₹378. A break above it can take the stock up to ₹405 and ₹460. From a long-term perspective, the stock has the potential to target ₹600-₹650 on the upside. A break above ₹460 can trigger this rally.
Investors with a medium- to long-term perspective can buy the stock at current levels. Accumulate more on dips at ₹290-₹285 first and then at ₹240 again in case if a steeper fall beyond ₹282 happens. But that probability is low. Keep the stop-loss at ₹210 and book profits at ₹640. Trail the stop-loss to ₹420 as soon as the stock breaks above ₹460. Move the stop-loss further up to ₹455 as soon as the stock touches ₹505.
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