The near-term outlook for the stock of Kalpataru Power Transmission is bullish. A strong support for the stock is in the ₹550-₹545 region. The stock fell to a low of ₹551 on Monday, but had risen back sharply recovering all the intraday loss. The strong bounce indicates presence of fresh buyers at lower levels. As such, a fall below ₹545 could be less likely.
Kalpataru Power Transmission share price can test the important resistance at ₹605 in the next two-three weeks. Traders can go long at current levels and accumulate on dips at ₹555. Keep the stop-loss at ₹542. Trail the stop-loss to ₹575 as soon as the stock moves up to ₹585. Move the stop-loss further up to ₹590 as soon as the stock touches ₹595. Exit the longs at ₹602.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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