Technical Analysis

Praj Industries (₹373.3): BUY

Gurumurthy K |BL Research Bureau | Updated on: Jul 07, 2022

Book profits at ₹415

The short-term outlook stock of Praj Industries is bullish. It was oscillating around the 200-Day Moving Average (DMA) over the last couple of weeks. The 3.6 per cent rise on Wednesday, the stock well above the 200-DMA. It marks the end of the consolidation and the resumption of the overall uptrend has been in place since mid-June. Immediate supports are at ₹368 and ₹359 – the 200-DMA.

Below that, a slightly deeper support is in the ₹355-₹353 zone. The stock has potential to rise towards ₹420-₹430 in the next one month. Traders with a short-term perspective can go long at current levels. Accumulate at ₹369 and ₹362. Stop-loss can be placed at ₹346. Trail the stop-loss up to ₹378 as soon as the stock moves up to ₹392. Move the stop-loss further up to ₹392 as soon as the stock touches ₹405 on the upside. Book profits at ₹415. The bullish outlook will get negated if the stock declines below ₹350. But looks less likely. The stock has been broadly ranged between ₹300 and ₹450. This range is intact, and the stock is now heading up towards the upper end of this range.

(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)

Published on July 07, 2022
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