Todays Pick

Coal India (₹154.60): Buy

Gurumurthy K BL Research Bureau | Updated on September 13, 2021

File photo   -  PTI

The short-term outlook for the stock of Coal India is bullish. The stock has surged over 4 per cent on Monday and has closed on a strong note. The rally on Monday has strengthened the upmove that has been in place since the last week of August. It has also taken the stock well above the key ₹148-151 resistance zone that has been capping the upside for more than two months. The stock can rise to ₹160 initially and then to ₹168 eventually in the coming weeks. Immediate supports are at ₹151 and ₹148. Dips to these supports are likely to find fresh buyers coming into the market and limit the downside. Investors with a short-term perspective can go long at current levels. Stop-loss can be placed at ₹147 for the target of ₹167. Trail the stop-loss up to ₹157 as soon as the stock moves up to ₹160. Move the stop-loss further up to ₹161 as soon as the stock moves up to ₹166. Intermediate dips to ₹151-150 can be used to accumulate long positions.

(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)

Published on September 14, 2021

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