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The upmove in the stock of Saregama India has gained momentum. The stock surged over 6 per cent on Tuesday breaking above the key resistance level of ₹440. It indicates the beginning of a new leg of the uptrend that has been in place since mid-June. The level of ₹440 will now act as a good resistance-turned-support and will limit the downside. Below this, ₹430-425 is the next important support zone.
Saregama India share price can rally to ₹510-520 over the next three-four weeks or earlier than that. Traders can go long now. Accumulate on dips at ₹442. Keep the stop-loss at ₹420. Trail the stop-loss up to ₹460 as soon as the stock price goes up to ₹475. Move the stop-loss further up to ₹485 when the price touches ₹495. Exit the long positions at ₹508.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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