The short-term outlook of EPL is bullish. The stock surged over 5 per cent on Monday marking a bullish breakout above the crucial range resistance level of ₹192. With this surge, the prolonged sideways movement in place since January 2022 has come to an end. So, the level of ₹192 will now act as a good resistance-turned-support. As such dips to ₹192 will see fresh buying in the market.
The stock can rise to ₹235-240 over the next three-four weeks. Traders can go long now. Accumulate on dips at ₹194. Keep the stop-loss at ₹187. Trail the stop-loss up to ₹205 as soon as the stock moves up to ₹211. Move the stop-loss further up to ₹220 when the EPL share price touches ₹225. Exit the longs at ₹230.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)