The stock of Great Eastern Shipping broke out of the range on Monday after consolidating between ₹670 and ₹705. The outlook for the stock has turned bullish. Although it had ended flat on Wednesday despite the intraday volatility, the price action on the daily chart suggests a rally on Thursday. Traders can consider this stock for intraday positions.
We recommend going long on the scrip at the current level of ₹720.5 with a stop-loss at ₹705. Exit when the stock hits ₹730. Note that this is an intraday trade recommendation and so, if either of target or stop-loss is not triggered, liquidate by the end of the day.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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