The outlook is bullish for the stock of KPR Mill. The stock has been moving up well since the beginning of this month. The strong 6 per cent rise this week has taken the stock well above the key ₹640-645 resistance zone. The moving average cross overs on the daily chart strengthens the bullish case. Immediate support is at ₹660. Below that ₹645-640 region will now act a good resistance-turned-support zone that can limit the downside. KPR Mill share price can rise to ₹700-705 over the next two-three weeks.
Traders can go long now. Accumulate on dips at ₹665. Keep the stop-loss at ₹650. Trail the stop-loss up to ₹680 as soon as the stock moves up to ₹686. Move the stop-loss further up to ₹688 when the price touches ₹694. Exit the longs at ₹700.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)