The short-term outlook is bullish for Usha Martin. The 200-Day Moving Average, currently at ₹312, has been providing strong support since Octoberr. This moving average was tested a couple of time this month as well. The strong 4.8 per cent rise on Thursday happened after testing that support. Immediate resistance is around ₹342. The chances are high for the stock to break above this resistance.
Such a break can take Usha Martin share price up to ₹380 in the coming weeks. Traders can go long now at ₹330. Accumulate on dips at ₹320. Stop-loss can be kept at ₹298. Trail the stop-loss up to ₹338 as soon as the stock moves up to ₹353. Move the stop-loss further up to ₹360 when the price touches ₹370. Exit the longs at ₹380.
Today’s Stock Recommendation: 1st March 2024
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)