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The upmove in the stock of Ircon International has gained momentum. The 6 per cent rally on Tuesday indicates the resumption of the uptrend that had begun in March this year. Immediate support is at ₹60. Below that ₹57 is the next support. The 21-Week Moving Average is poised around ₹57 makes it a strong support.
So, the downside will be limited to ₹57 in case a break below ₹60 is seen. Ircon International share price can rally further towards ₹68 over the next two-three weeks. Traders can go long now. Accumulate at ₹60 and ₹58. Keep the stop-loss at ₹56. Trail the stop-loss up to ₹63 when the stock moves up to ₹65. Move the stop-loss further up to ₹65 when the stock touches ₹66. Exit the long positions at ₹67.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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