The stock of Triveni Engineering & Industries broke out of a resistance at ₹480 early this week. But after marking a record high of ₹518.10 on Monday, the price started to soften. However, the decline over the past couple of sessions appears to be just a corrective move. The overall bull trend remains valid and the resistance-turned-support of ₹480 is expected to hold well. Also, there is trendline support at ₹475.
So, we expect the stock to resume the rally and touch ₹550 in the near-term. Participants can buy at ₹480 with a stop-loss at ₹455. When the stock surpasses ₹500, revise the stop-loss up to ₹480. On a rally to ₹515, tighten the stop-loss to ₹495. Book profits at ₹540.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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