The New India Assurance Company share price could be gearing up for a fresh rally. The price action on the chart shows a rounding pattern formation. This is bullish and will act as a continuation pattern in this case. So, the overall uptrend is intact, with support in the ₹233-230 region.
The New India Assurance Company share price can rise to ₹285 in the short term. A break above the intermediate resistance at ₹257 can trigger the above-mentioned rise to ₹285. Traders can go long now at the current level of ₹246. Accumulate on dips at ₹235. Keep a stop-loss at ₹223 initially. Trail the stop-loss up to ₹253 as soon as the stock moves up to ₹259. Move the stop-loss further up to ₹265 when the price touches ₹273. Exit the long positions at ₹280.
bl.Today’s pick: Stock to buy or sell, January 31, 2024
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)