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The stock of RHI Magnesita India, which began its latest leg of rally from ₹750 last week, breached a roadblock at ₹850 on Monday. Although there was a minor drop in prices on Tuesday, the momentum is with the bulls, and they are expected to lift the stock on Wednesday.
This makes this scrip a good buy for intraday. So, we suggest buying RHI Magnesita at around ₹863 and place stop-loss at ₹848. When the stock touches ₹885, tighten the stop-loss to ₹865. Book profits at ₹900. In case if the stock opens with a gap-up, wait for the price to drop to ₹863 before buying. Do not trade if it opens below ₹850.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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