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The short-term outlook is bullish for Brigade Enterprises. The stock surged over 4 per cent on Wednesday. It has also taken the share price well above ₹720 – an intermediate resistance. Strong support is in the ₹700-685 region. The price action over the last few days indicate that the stock is getting good buyers below ₹700. As such a fall below ₹685 looks less likely now.
Brigade Enterprise stock price can rise to ₹830 over the next three-four weeks or even earlier than that. Short-term traders can buy the stock now. Accumulate on dips at ₹705. Keep the stop-loss at ₹670. Trail the stop-loss up to ₹755 as soon as the stock moves up to ₹775. Move the stop-loss further up to ₹790 when Brigade Enterprise share price touches ₹805. Exit the long positions at ₹825.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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