Comments
The short-term outlook for the stock of Elgi Equipments is bullish. The strong 5.2 per cent surge on Tuesday indicates that a fresh leg of rally has begun. Immediate support is at ₹511. Below ₹504 is the next important support that can limit the downside. The stock of Elgi Equipments can rally to ₹585-₹595 over the next three-four weeks.
Traders can go long at current levels. Accumulate on dips at ₹512. Buy more at ₹507 if the price dips below ₹511. So, the average entry level will be at ₹512. Keep the stop-loss at ₹495. Trail the stop-loss up to ₹525 as soon as the stock moves up to ₹535. Move the stop-loss further up to ₹545 when the stock touches ₹555 on the upside. Exit the stock at ₹570.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
Comments
COMMENT NOW
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.