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Colgate-Palmolive’s stock has been moving in a narrow range for nearly two weeks. It was oscillating between ₹2,035 and ₹2,085. Last Friday, it broke out of the resistance at ₹2,085. Although the stock price moderated on Monday, it managed to close above ₹2,075, a positive sign.
The price action on the daily chart shows that Monday’s price decline is likely to be a corrective one and the stock is likely to rebound on Wednesday. We expect the stock to hit ₹2,125 soon. Hence, traders can consider initiating intraday longs on the stock of Colgate-Palmolive at the current level of ₹2,075. Place initial stop-loss at ₹2,050. When the stock rallies past ₹2,100, tighten the stop-loss to ₹2,075. Book profits at ₹2,125.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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