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The short-term outlook for the stock of Religare Enterprises is bullish. The upmove has gained momentum this week. The stock has surged over 10 per cent so far this week. Supports are at ₹158 and ₹151. The chances are high for the stock to remain above ₹158 itself. Dips to this support is likely to see fresh buyers coming into the market. The stock can rise to ₹210-₹215 over the next three to four weeks if the same momentum continues.
Traders can go long at current levels. Accumulate longs on dips at ₹160. Keep the stop-loss at ₹145. Trail the stop-loss up to ₹175, the stock rises to ₹183. Move the stop-loss furhter up to ₹185 when the stock touches ₹195 on the upside. Book profits at ₹205.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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