Astral Limited’s share price has been on a sharp rise since April. The stock found support at ₹1,300 which helped it establish an uptrend.
Although the trend remained bullish, the rally was resisted by the hurdle at ₹1,730 over the past few sessions. However, the stock broke out of this barrier on Thursday, leaving the probability of further rally high.
The charts indicate that Astral Limited is likely to extend the rally on Friday, making it a good stock to buy for intraday.
Therefore, we suggest buying this stock at ₹1,751 and add more longs if the price dips to ₹1,730.
Place stop-loss at ₹1,700. When the stock touches ₹1,785, liquidate half of the longs and then, tighten the stop-loss for the remaining holdings to ₹1,770. Exit the leftover at ₹1,800.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)