Todays Pick

Kajaria Ceramics (₹1,286.55): BUY

Gurumurthy K | | Updated on: Dec 31, 2021
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The outlook for the stock of Kajaria Ceramics is bullish. The stock surged 4.27 per cent on Thursday thereby gaining upside momentum. Immediate support is in the ₹1,250-1,245 region and the next one is in the ₹1,210-1,200 region. Dips to these supports are likely to see fresh buyers coming into the market.

As such, we expect the downside to be capped either at ₹1,245 itself or at ₹1,200.

A rise to ₹1,350-1,360 can be seen in the near-term. A strong break above ₹1,360 will then pave way for a further rise to ₹1,480-₹1,500.

Traders with a medium-term perspective can go long at current levels. Accumulate longs on dips at ₹1,255 and also at ₹1,220, if a steeper fall below ₹1,245 is seen. Keep the stop-loss at ₹1,180. Trail the stop-loss up to ₹1,305 as soon as the stock moves up to ₹1,355. Move the stop-loss further up to ₹1,380 as soon as the stock touches ₹1,430. Book profits at ₹1,460.

The bullish outlook will get negated if the stock falls below ₹1,200. Such a break, though less likely, can drag it to ₹1,120-1,100.

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

Published on December 31, 2021

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