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Short-term traders can consider buying the shares of Redington. The stock fell over a per cent on Wednesday. However, the trend is up since the last week of October and it is intact. Strong support is in the ₹169-167 region which can limit the downside. Moving average cross overs on the weekly and daily chart also strengthens the bullish case.
As such the chances are high for the stock to sustain above ₹167. Redington share price can rise to ₹190-192 over the next three-four weeks. Short-term traders can go long now. Accumulate on dips at ₹170 and ₹168. Keep the stop-loss at ₹165. Trail the stop-loss up to ₹176 as soon as the stock moves up to ₹179. Revise the stop-loss further up to ₹180 when the price touches ₹183. Exit the long positions at ₹185.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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