The upmove in the stock of Advait Infratech has gained momentum this week. The stock surged over 6 per cent on Wednesday breaking above the key resistance level of ₹520.
The outlook is bullish. The level of ₹520 can be a very good support now and limit the downside. Considering the recent momentum, a fall below ₹520 looks unlikely at the moment. Moving average cross over on the daily chart also strengthens the bullish case.
Advait Infratech share price can rise to ₹620 over the next two-three weeks. Traders can go long now. Accumulate on dips at ₹530. Keep a stop-loss at ₹505. Trail the stop-loss up to ₹555 when the price moves up to ₹570. Move the stop-loss further up to ₹580 when the price touches ₹595. Exit the long positions at ₹610.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)