Today’s Pick: GE Shipping (₹514.8): Buy

Akhil Nallamuthu |BL Research Bureau | | Updated on: Aug 04, 2022

stop-loss at ₹500

The stock of Great Eastern Shipping Company began its latest leg of uptrend in mid-July. It breached a resistance at ₹440 a couple of weeks back and this week it has rallied above an important level of ₹500. Although the stock ended flat on Wednesday, it is highly likely to rally on Thursday.

It could touch ₹540. Therefore, one can consider buying the stock for intraday and place stop-loss at ₹500. Exit your long positions when the price touches ₹540. When stock opens with a gap-up, wait for price to dip to ₹515 and then buy. On the other hand, if the stock begins Thursday’s session below ₹500, it can drop further; so, refrain from trading.

(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)

Published on August 04, 2022
  1. Comments will be moderated by The Hindu BusinessLine editorial team.
  2. Comments that are abusive, personal, incendiary or irrelevant cannot be published.
  3. Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not 'the', n is not 'and').
  4. We may remove hyperlinks within comments.
  5. Please use a genuine email ID and provide your name, to avoid rejection.

You May Also Like

Recommended for you