Sudarshan Chemical Industries’ share price rose substantially on Wednesday. This led to the breach of a critical resistance at ₹425, which has been holding true since October last year. The stock hit a nine-month high of ₹453 on Wednesday before ending the session lower at ₹440. Following the breakout, the scrip shows potential to rally more, especially in the next couple of sessions.
But there could be an intraday dip to ₹425 on Thursday before further rally. So, traders can go long on the stock now at ₹440 and add more longs if the price dips to ₹425. The average price will thus be around ₹433. Keep stop-loss at ₹422. Book profits when the stock hits ₹455.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.