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Please give the technical forecast for Bombay Dyeing & Manufacturing Company.
Pavitra Puglia
Bombay Dyeing & Manufacturing Company (₹223): The long-term outlook is bullish. The stock has been in a strong uptrend since April last year. The breakout above ₹200 last month has strengthened the bullish case. The region between ₹205 and ₹195 will now be a very good support. Below that, ₹180 is the next strong support. The share price can rise to ₹270 by this year-end. Thereafter, a corrective fall to ₹220 is a possibility. But eventually the stock is likely to breach ₹270.
Such a break will have the potential to take Bombay Dyeing & Manufacturing Company share price up to ₹400 by the end of next year. Investors with a one-year time frame can buy now. Accumulate on dips at ₹195. Keep the stop-loss at ₹130. Trail the stop-loss up to ₹260 as soon as the stock moves up to ₹310. Move the stop-loss further up to ₹330 when the price touches ₹370. Exit the stock at ₹400.
Send your questions to techtrail@thehindu.co.in
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