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The short-term outlook is bullish for KRBL. The stock has been moving up well since July beginning this year. There is an important resistance at ₹428. But on the chart, the indicators leave the chances high for the stock to breach this hurdle. The price action since January indicates a double bottom formation. The 21-Day Moving Average (MA) is on the verge of crossing above the 200-Day MA. Both these factors are strengthening the bullish case.
As such KRBL can breach ₹428 and rise to ₹460 in the next two-three weeks. Traders can go long now. Accumulate on dips at ₹402. Keep the stop-loss at ₹390. Trail the stop-loss up to ₹426 as soon as the stock moves up to ₹431. Move the stop-loss further up to ₹438 when the price touches ₹448. Exit the long positions at ₹458.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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