The stock of CONCOR (Container Corporation of India) is on a long-term uptrend. After witnessing a decline in price in early January, it resumed the rally by taking support at ₹820 towards the end of the month. Last week, it broke out of a resistance at ₹920 and over the past few sessions, it has sustained above this level, which will henceforth act as a support. Also, despite the overall market remaining bearish yesterday, CONCOR’s price appreciated. From the current level, the stock is likely to go up to ₹1,000. So, traders can buy CONCOR for short-term.
That is, go long now at ₹950 and accumulate if the price dips to ₹930. Initial stop-loss can be placed at ₹910. Raise this to ₹955 when the stock hits ₹980. Exit at ₹1,000.
bl.Today’s pick: Stock to buy or sell, February 9, 2024
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)