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The outlook for the stock of Finolex Industries is bullish. Investors with a short-term perspective can consider buying the stock at current levels. The stock surged 3.5 per cent on Thursday breaking above a key resistance around ₹555. This hurdle at ₹555 was restricting the upside in the stock since the beginning of this month. After consolidating around this resistance for more than three weeks, the stock has moved above ₹555.
The region around ₹555 will now serve as a good support. The next key support is poised around ₹550. These supports are likely to limit the downside in the short term. A rise to ₹585 and ₹600 looks likely in the coming days. Traders with a short-term perspective can go long. Stop-loss can be placed at ₹548 for a target of ₹600. Revise the stop-loss higher to ₹575 as soon as the stock moves up to ₹585. The stock may come under pressure only if it decisively declines below ₹550.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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