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The stock of Devyani International broke out of resistance at ₹170 in early June. But then, the uptrend lost momentum, and the price declined before the stock entered a sideways trend. However, after some consolidation so far this month, the scrip has seen a sharp rise in price this week. The price action indicates that the bulls have gathered good strength, and this time, a sustainable rally is likely to be established.
This upswing can take the stock to ₹200. But there could be a minor dip from here, so participants can buy at ₹175 and accumulate at ₹168. Place the stop-loss at ₹160. When the stock surpasses the potential hurdle at ₹180, raise the stop-loss to ₹170. Tighten the stop-loss further to ₹182 when the price hits ₹190. Exit at ₹200.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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