Todays Pick

Escorts Ltd (₹1,473.15): BUY

Gurumurthy K BL Research Bureau | Updated on September 21, 2021

The short-term outlook for the stock of Escorts is bullish. The stock has been in an uptrend since end-July. Within this uptrend, the stock has been consolidating between ₹1,400 and ₹1,500 over the last one week. Interestingly, the stock has managed to remain insulated from the sharp fall seen in the broader markets on Monday this week. This indicates the inherent strength on the current upmove. The current consolidation is likely to be broken on the upside. Such a break above the ₹1,500-mark can take the stock up to ₹1,600-₹1,610 in the coming days. Traders with a short-term perspective and relatively high-risk appetite can go long at current levels. Accumulate long on dips at ₹1,440. Stop-loss can be placed at ₹1,395. Trail the stop-loss to ₹1,505 as soon as the stock moves up to ₹1,530. Move the stop-loss further up to ₹1,550 as soon the stock moves up to ₹1,570. Book profits at ₹1,600. The bullish view will get negated if the stock breaks below ₹1,400. Such a break can drag it to ₹1,250.

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

Published on September 22, 2021

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