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The short-term outlook for the stock of Birla Corporation is bullish. The stock rose for the second consecutive day and was up 3.9 per cent on Tuesday. It has risen over 6 per cent so far this week. The stock has been in a broad sideways range since May this year. Within this range, it has been moving up now. Immediate support is at ₹1,330. Resistance is at ₹1,525. A break above it will take the stock higher to ₹1,690 in the coming weeks.
Traders with a short-term perspective can go long at current levels. Accumulate longs at ₹1,370. Keep the stop-loss at ₹1,270. Trail the stop-loss up to ₹1,485 as soon as the stock moves up to ₹1,540. Move the stop-loss further up to ₹1,570 as soon as the stock rises to ₹1,620. Book profits at ₹1,660. The level of ₹1,690 is a strong resistance. Inability to break above it can trigger a fall-back to ₹1,400-₹1,300 levels again. As such we suggest traders to liquidate the longs at the level mentioned above. A strong and sustained rise past ₹1,690 is needed for the stock to see a fresh leg of rally within the broader uptrend.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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