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The short-term outlook of Carborundum Universal is bullish. The strong 6.24 per cent rally on Monday has well above the 200-Day Moving Average (DMA) at ₹819 can act as a good support and limit the downside. Below that, ₹805-₹800 region is the next important support zone. The stock can rise to ₹925-₹950 in the next couple of weeks. Even ₹1,000 can be tested by the end of this month.
Traders with a short-term perspective can go long now. Accumulate longs at ₹822. Keep the stop-loss at ₹795. Trail the stop-loss up to ₹865, the stock moves up to ₹880. Move the stop-loss further up to ₹895, as soon as the stock touches ₹910 on the upside. Book profits at ₹925.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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