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The stock of Hikal Ltd rallied last week after rebounding from the support at ₹330. Last Friday, it surpassed the ₹400-mark and even though there was a price correction on Monday, we expect it to be a corrective one. Therefore, our expectation is that the price will rise, especially on Tuesday.
It has the potential to appreciate to ₹425 intraday. Therefore, one can initiate longs on Hikal Ltd with stop-loss at ₹390. Book profits when the stock touches ₹425. In case there is a gap-up, wait for the price to dip to ₹400-402 levels and then buy. On the other hand, if the stock begins Tuesday’s session below ₹390, refrain from buying.
Note: The recommendations are based on technical analysis. There is a risk of loss in trading
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