Power Finance Corporation’s stock, after hitting a record high of ₹477.8 in early February, lost momentum and has been consolidating for the over two months. But there has been an uptick in price recently after it found support at ₹360. Notably, on Tuesday, the stock rallied sharply and broke out of the resistance at ₹430.
This has opened the room for further upside. We expect the stock to hit ₹470 in the forthcoming sessions. That said, the price might dip to ₹425 before crossing over ₹450. Therefore, traders can go long on this stock now at around ₹440 and accumulate if the price dips to ₹425. Initial stop-loss can be at ₹410. When the scrip touches ₹455, tighten the stop-loss to ₹440. Book profits at ₹470.
Today’s Stock Recommendation: 2nd May 2024
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)