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The upmove in the stock of Mahindra Logistics is gaining momentum. Despite weakness in the broader market, the stock has surged 4.76 per cent. With both the trendline and 200-Day Moving Average (DMA) poised at ₹518, making this level a strong support. The stock broke below this level last week only to bounce back sharply this week.
The current move will have a potential to test ₹590 and ₹605 in the next couple of weeks. Traders can go long at the current level and accumulate it at ₹525, if a dip is seen. Keep the stop-loss at ₹505, trail it further to ₹565 when the stock moves up to ₹575. Move the stop-loss further to ₹585 when it touches ₹595 on the upside. Book profits at ₹605.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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