The upmove in E.I.D. – Parry has gained momentum. The stock had surged over 8 per cent on Wednesday when the benchmark indices had declined. This rise has taken the stock well above an intermediate resistance level of ₹667. Intermediate dips cannot be ruled out, but that could be short-lived. The level of ₹667 can now act as a good support and limit the downside.
Fresh buyers are likely to come into the market at lower levels. E.I.D. – Parry share price can rise to ₹750 in the short-term. Traders can go long now at ₹686. Accumulate on dips at ₹672. Keep the stop-loss at ₹654 initially. Trail the stop-loss up to ₹692 as soon as the price goes up to ₹705. Move the stop-loss further up to ₹715 when the price touches ₹730, Exit the long positions at ₹745.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.