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The stock price of Parag Milk Foods has been stuck in a sideways range of ₹112-₹152 since May this year. The price movement since March last year has been in the form of a bull channel.
This keeps the bias bullish and the chances high for the stock to break the ₹112-₹152 range on the upside. Such a break will keep the broader uptrend and will pave way for a fresh rise to ₹180 and even ₹200 in the coming weeks. Short-term traders can go long now and also accumulate on dips at ₹125. Keep the stop-loss at ₹109. Trail the stop-loss up to ₹143 as soon as the stock moves up to ₹158. Move the stop-loss further up to ₹163 as soon as the stock touches ₹174.
Book profits at ₹180. The channel support is at ₹123. The bullish outlook will come under threat only if the stock breaks below ₹123. Such a break can drag it to ₹112 – the lower end of the range and will keep it pressured to fall further.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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