The outlook for the stock of Bharat Dynamics is bullish. The stock has moved up sharply so far this week as against the steep fall seen in the benchmark indices. The 5 per cent rise on Thursday has strengthened the upmove.
The immediate support is at ₹950. Below that, ₹928 is the next strong support that can limit the downside if it falls below ₹950. If the current momentum sustains, Bharat Dynamics share price can rally to ₹1,100 over the next three-four weeks. Traders can go long at current levels and accumulate on dips at ₹940. Keep the stop-loss at ₹910 and trail the stop-loss up to ₹980 when the stock moves up to ₹1,020. Move the stop-loss further up to ₹1,030 when Bharat Dynamics stock prices touches ₹1,045 on the upside. Exit the long positions at ₹1,070.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)