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The short-term outlook is bullish for the stock of Carborundum Universal as it has been moving up well at a time when the benchmark indices are beaten down badly. The stock has been moving inside a bull channel since March last year. Immediate support is at ₹944. Below that, the 21-Day Moving Average at ₹920 is the next strong support. It has been limiting the downside since the beginning of this month.
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Carborundum Universal can rise to ₹1,080 over the next three-four weeks. Traders can go long at current levels and accumulate on dips at ₹948. Keep the stop-loss at ₹910. Trail the stop-loss up to ₹975 when the stock touches ₹990 on the upside. Move the stop-loss further up to ₹1,030 when Carborundum Universal rallies to ₹1,055. Book profits at ₹1,070.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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