The short-term uptrend in Rain Industries has been gaining momentum. The stock has begun the week on a strong note by surging 6 per cent on Monday. This rise has taken the stock well above the key resistance level of ₹180. The region between ₹181 and ₹179 will act as a strong support zone. Intermediate dips are likely to get fresh buyers around this support zone. So, a fall below ₹179 looks less likely at the moment.
Rain Industries share price can rise to ₹199-201 over the next two-three weeks. Traders can go long now. Accumulate on dips at ₹182. Keep the stop-loss at ₹177 initially. Trail the stop-loss up to ₹189 when the price moves up to ₹192. Move the stop-loss further up to ₹193 when the price touches ₹196. Exit the long positions at ₹198.
bl.Today’s pick: Stock to buy or sell: January 30, 2024
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)