The upmove in the stock of Shyam Metallics and Energy is gaining momentum. The outlook is bullish. The strong surge over 6 per cent on Wednesday strengthens the bullish case. This rise has taken the share price well above the key resistance level of ₹485. The region between ₹485 and ₹480 will act as a very good support now. Dips to this support zone are likely to get fresh buyers and limit the downside.
Shyam Metallics and Energy share price can rise to ₹560 in the next couple of weeks. Traders can go long now. Accumulate on dips at ₹505 and ₹495. Keep the stop-loss at ₹475. Trail the stop-loss up to ₹520 as soon as the stock moves upto ₹527. Move the stop-loss further up to ₹535 when the price touches ₹545. Exit the long positions at ₹555.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)