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The stock of Whirlpool of India has had a bad year thus far in 2021 as it is down by about 19 per cent year-to-date. Even as the stock hit a fresh all-time high of ₹2,787 in January, it was unable to extend the rally beyond that level and started its descent. By the end of April, the stock had fallen to ₹2,080 which arrested the decline for some time. Nonetheless, the stock slipped below this level a couple of weeks ago, potentially creating foundation for bears to extend the decline. However, the support at ₹2,000 played spoilsport for the bears and over the past week, there was a tug-of-war between the bulls and the bears. So, the stock was largely moving within the price band of ₹2,000 and ₹2,050. But on Tuesday, bulls emerged as winners on the back of the support of ₹2,000 as they took the stock above ₹2,050, turning the outlook bullish. The daily RSI and MACD corroborate the same. So, buy with stop-loss at ₹2,065; target at ₹2,230.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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