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The short-term outlook for the stock of Cholamandalam Investment and Finance Company is bullish. The stock has surged 6.87 per cent over the last couple of days. Importantly this rise has happened from just above the key 200-Day Moving Average (DMA) support at ₹697.15. Strong support is in the ₹730-₹715 region. Below that ₹700-₹695 is the next important support which can be the maximum downside from here.
The stock has potential to target ₹840 over the next two-three weeks. Traders can go long at current levels. Accumulate on dips at ₹735. Keep the stop-loss at ₹705. Trail the stop-loss up to ₹775 as soon as the stock moves up to ₹790. Move the stop-loss further up to ₹795 when the stock touches ₹810 on the upside. Book profits at ₹835.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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