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The short-term outlook for the stock of Aditya Birla Fashion and Retail is bullish. The stock surged 6.3 per cent on Tuesday and has closed on a strong note.
Immediate support is at ₹250 and a slightly deeper one is in the ₹239-₹238 region. Dips to these supports are likely to see fresh buying interest coming into the market. A fall below ₹238 looks less likely at the moment.
The stock has room for a rise to ₹285-₹290 in the coming days. Traders with a short-term perspective can go long at current levels. Make use of dips to accumulate longs at ₹245. Keep the stop-loss at ₹235. Trail the stop-loss up to ₹263 as soon as the stock moves up to ₹272. Move the stop-loss further up to ₹273 as soon as the stock moves up to ₹281. Book profits at ₹288.
The bullish outlook will get negated if the stock breaks below ₹235. Such a break will turn the short-term outlook bearish and drag the stock down to ₹225–₹220 and even lower going forward.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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