The upmove in the stock of Action Construction Equipment is gaining momentum. The stock rose almost 5 per cent on Monday. This rise has taken the share price well above the key resistance level of ₹1,300. The region between ₹1,300 and ₹1,290 will now act as a good support and limit the downside.
Intermediate dips are likely to get fresh buyers around the psychological level of ₹1,300. Action Construction Equipment share price can rise to ₹1,530-1,550 in the coming weeks. Traders can buy Action Construction Equipment shares now at ₹1,356.
Accumulate on dips at ₹1,320. Keep the stop-loss at ₹1,260. Trail the stop-loss up to ₹1,380 when the price goes up to ₹1,410. Move the stop-loss further up to ₹1,420 and ₹1,470 when the share price touches ₹1,460 and ₹1,495 respectively. Exit the long positions at ₹1,530.
Note: The recommendations are based on technical analysis. There is risk of loss in trading