The outlook for the stock of EID Parry is bullish. The stock has risen about 10 per cent over the last week and has a room to rise further. The immediate resistance is at ₹554 and the next is at ₹540. The chances are high for the stock to sustain above ₹554 and if it breaks below this level, the downside could be limited to ₹540. The stock can rise to ₹590 and ₹610 in next one or two weeks.
Traders can go long at current levels and accumulate on dips at ₹556. Keep the stop-loss at ₹535 and trail the stop-loss up to ₹572 when it moves up to ₹579. Move the stop-loss further up to ₹582 as soon as the stock touches ₹589 on the upside. Book profits at ₹605.
The bullish outlook will get negated only on a break below ₹540, and in which case, a fall to ₹520 is possible.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.