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REC’s stock crossed over the resistance at ₹296 on Thursday. It also closed above ₹300-mark. The stock, which faced selling pressure in the second half of October, took support at ₹260 last week and rebounded. The rally is strengthened by the breakout which happened on Thursday.
REC’s share price is expected to appreciate on Friday. Hence, participants can consider this for intraday buying. Go long on REC at the current level of ₹302 and accumulate more shares in case the price dips to ₹296. Place stop-loss at ₹288. When the stock touches ₹310, tighten the stop-loss to ₹304. Exit at ₹315. On Friday, if REC’s stock opens with a gap-up, wait for the price to moderate to ₹302 and then initiate the longs. Refrain from trading if the stock opens below ₹294.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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