Emami share price have risen sharply over the last couple of weeks. The momentum is strong. The stock has risen over 4 per cent on Tuesday when the broader benchmark indices had declined. This shows the inherent strength in the stock. The rise on Tuesday has taken the share price well above the intermediate resistance at ₹500. This level of ₹500 will now act as a strong support and limit the downside.
Emami share price can rise to ₹580 and ₹600 over the next few weeks. Traders can go long now at ₹527. Accumulate on dips at ₹510. Keep the stop-loss at ₹485 initially. Trail the stop-loss up to ₹540 as soon as the stock moves up to ₹555. Move the stop-loss further up to ₹560 when the price touches ₹570. Exit the stock at ₹585.
Today’s Stock Recommendation: 8th May 2024
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)