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The short-term outlook for the stock of Prism Johnson is bullish. The strong 5.3 per cent rise on Thursday, the stock well above its 200-Day Moving Average (DMA), currently at ₹121. A strong trendline support is at ₹120. Immediate resistance at ₹132. Any pull-back from here can be limited to the ₹121-₹120 support zone. The chances are high for the stock to break ₹132 and rise to ₹150 over the next three-four weeks.
Traders with a short-term perspective can go long now. Accumulate longs on dips at ₹124. Keep the stop-loss at ₹116. Trail the stop-loss up to ₹135 as soon as the stock moves up to ₹141. Move the stop-loss further up to ₹139 as soon as the stock touches ₹145 on the upside. Book profits at ₹148.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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