Todays Pick

EID Parry (₹472.4): BUY

Gurumurthy K BL Research Bureau | Updated on October 12, 2021

The outlook for the stock of EID Parry is bullish. The stock has been in a strong uptrend since March last year. This uptrend has gained momentum after the sharp surge of 8.2 per cent on Tuesday. The strong rally on Tuesday has taken the stock well above ₹450 — a key resistance that was capping the upside for more than two months. This level of ₹450 will now act as a good resistance-turned-support. A fall below ₹450 is less likely as dips to this support can now attract fresh buyers coming into the market. There is room for the stock to rise towards ₹535 in the coming days. Traders with a short-term perspective can go long at current levels. Accumulate longs at ₹458 in case if a pull-back is seen. Keep the stop-loss at ₹440. Trail the stop-loss up to ₹480 as soon as the stock moves up to ₹495. Move the stop-loss further up to ₹510 as soon as the stock moves up to ₹520. Book profits at ₹530.

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

Published on October 13, 2021

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