The upmove in the stock of Edelweiss Financial Services is gaining momentum. The 5 per cent rally on Wednesday has taken the stock well above a key intermediate resistance level of ₹66. This leaves the near-term outlook bullish for Edelweiss Financial Services.
The stock can rise to ₹73 in the next one week or two. Cluster of supports are poised in the ₹66-65 region. A fall below ₹65 looks less likely at the moment. High-risk appetite traders can consider going long now. Accumulate longs on dips at ₹66.50. Keep the stop-loss at ₹64. Trail the stop-loss up to ₹69 as soon as the stock moves up to ₹71. Move the stop-loss further up to ₹71 when the Edelweiss Financial Services touches ₹72 on the upside. Exit the longs at ₹73.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)