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Praj Industries share price is gearing up for a fresh rally. The stock opened with a wide gap-up on Friday. On Monday, it got a good follow-through rise and was up 3 per cent. Cluster of supports are poised between ₹380 and ₹370. This will make it a strong support zone and limit the downside.
The stock can rise to ₹435-440 over the next three-four weeks. From a slightly wider time frame, Praj Industries share price has potential to target ₹500-520. Traders can go long at current levels. Accumulate on dips at ₹380 and ₹374. Keep the stop-loss at ₹360. Trail the stop-loss up to ₹395 as soon as the stock moves up to ₹405. Move the stop-loss further up to ₹415 when the share price touches ₹422. Exit the longs at ₹430.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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