The short-term outlook for the stock of H.G. Infra Engineering is bullish. The 2.93 per cent rise on Monday has taken the stock well above the key resistance at ₹740. This level of ₹740 will now act as a strong resistance-turned-support. H.G. Infra Engineering’s share price can rise to ₹830 in a week or two.
Traders can go long at current levels. Accumulate longs on dips at ₹745. Keep the stop-loss at ₹715. Trail the stop-loss up to ₹765 as soon as the stock moves up to ₹780. Move the stop-loss further up to ₹790 when H.G. Infra Engineering rallies to ₹805.
Book profits at ₹825. The bullish view will get negated if the stock falls below ₹740. In that case, a fall to ₹700 and lower levels can be seen.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)