Today’s Pick: Timken India (₹2,809.4): Buy

Akhil Nallamuthu |BL Research Bureau | | Updated on: Jul 21, 2022

Stop-loss at ₹2,740

The stock of Timken India broke out of the resistance at ₹2,300 in early June. Although there was a price correction, the stock regained momentum and rallied. On Wednesday, it marked a fresh high of ₹2,879.2 before closing at ₹2,809.4. The price action hints at further upside, and it will most probably rally on Thursday.

Therefore, traders can consider this stock for intraday positions. That is, buy the stock at the current level of ₹2,809 with stop-loss at ₹2,740. Liquidate the longs when price hits ₹2,945. In case, the stock opens below ₹2,740 on Thursday, refrain from trading. If it opens higher, wait for price to soften to ₹2,810 and then buy.

(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)

Published on July 21, 2022
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