BL Research Bureau
The stock of Mishra Dhatu Nigam (Midhani) has been trading broadly in a sideways range for a prolonged period of time since August 2020. The range of trade since then has been ₹170-₹222. Within this range, the stock tested a low of ₹175 in December and has been moving up thereafter. This indicates that the sideways range is intact. As such the short-term outlook is bullish for the stock to see a rise towards the upper end of the range from here. Intermediate resistances are at ₹198 and ₹208.
A break above ₹208 can trigger a rise to ₹220-₹222 – the upper end of the range in the coming weeks. Immediate support is at ₹180 and then in the ₹175-₹170 region.
Traders with a short-term perspective can go long at current levels. Accumulate longs on dips at ₹182. Keep the stop-loss at ₹172. Trail the stop-loss to ₹193 as soon as the stock moves up to ₹201. Move the stop-loss further up to ₹206 as soon as the stock moves up to ₹211. Book profits at ₹216.
The stock will have to see a breakout on either side of ₹170-₹222 to give a clear cue on the next direction of move.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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.