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.)
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.