Comments
The short-term outlook for the stock of Aban Offshore is bullish. The stock surged 7.6 per cent on Tuesday breaking an important resistance in the ₹218-₹220 zone. This breakout rally was accompanied by strong volume that could add strength to the upside momentum. Prior to this rise, the stock was range bound in ₹190-223 zone since May. Tuesday’s sharp rally has broken this range decisively. Immediate support is at ₹225 and then the region between ₹220 and ₹223 will be a strong short-term support zone for the stock. An immediate rise to ₹240 looks likely. A strong break above ₹240 can take the stock further higher to ₹250 or even ₹255.
Traders with a short-term perspective can go long. Stop-loss can be kept at ₹221 for a target of ₹250. Revise the stop-loss higher to ₹235 as soon as the stock moves up to ₹240. The short-term outlook for the stock will turn negative only if it declines below ₹220, which is unlikely under the current circumstances. (Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.