The short-term outlook for the stock of Oberoi Realty is bullish. The stock has surged about 4 per cent on Thursday and closed on a strong note. There is a confirmed inverted head and shoulder pattern on the chart. This strengthens the bullish case. The neckline support of this pattern is at ₹935 which can limit the downside very well now. Below that cluster of supports are around ₹900.
Oberoi Realty can rally to ₹1,100 over the next three-four weeks. Traders can go long at current levels. Accumulate on dips at ₹940. Keep the stop-loss at ₹890. Trail the stop-loss up to ₹985 when the stock moves up to ₹1,010. Move the stop-loss further up to ₹1,025 as soon as the Oberoi Realty touches ₹1,060 on the upside. Book profits at ₹1,080.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)