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The short-term outlook for Power Finance Corporation is bullish. The stock has made a bullish breakout above a key resistance level of ₹535 this week. The region around ₹530 will now be a very good support for the stock. Moving average crossovers on the daily chart also strengthens the bullish case. It indicates that the downside could be limited. Any dip from here is likely to get fresh buyers at lower levels.
Power Finance Corporation share price can rise to ₹600-₹610 in the next few weeks. Traders can go long now at ₹554. Accumulate on dips at ₹540. Keep the stop-loss at ₹520. Trail the stop-loss up to ₹565 as soon as the stock moves up to ₹575. Move the stop-loss further up to ₹580 when the share price touches ₹595. Exit the long positions at ₹605.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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