The short-term outlook for the stock of Shipping Corporation of India is bullish. The stock has been moving up very well since the beginning of the week. The share price has surged over 6 per cent this week taking it well above the key level of ₹130. The region between ₹131 and ₹129 will act as a strong support now. Dips to this support zone is likely to get fresh buyers in the market. The stock price can rise to ₹150-₹152 over the next two-three weeks. Traders can go long now and accumulate it on dips at ₹132. Keep the stop-loss at ₹127 and trail it up to ₹139 as soon as the stock moves up to ₹142. Move the stop-loss further up to ₹143 when the stock touches ₹146. Book profits at ₹148.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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