Todays Pick

Eveready Industries India Ltd (374): Buy

Gurumurthy K BL Research Bureau | Updated on September 23, 2021

 

The stock of Eveready Industries India Ltd had surged 7.6 per cent on Thursday. This has strengthened the bullish momentum. The stock has been in a strong uptrend since April last year. Within this uptrend, the price action since late February this year is in the form of a bull channel on the chart. The stock has formed a strong base above the channel support around ₹320 since end-August.

The stock has potential to target ₹420-430 on the upside in the coming weeks.

Traders with a short-term perspective can buy the stock at current levels. Accumulate long positions on dips at ₹350. Stop-loss can be placed at ₹340. Trail the stop-loss to ₹390 as soon as the stock moves up to ₹405.

Move the stop-loss further up to ₹405 as soon as the stock moves up to ₹420. Profits can be booked at ₹430. The region around ₹430 is a strong channel resistance. As such, we can expect the stock to reverse lower from ₹430.

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

Published on September 24, 2021

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