Finolex Industries (₹311.9)
Uptrend resumes
Finolex Industries’ share has been in a long-term uptrend. However, the price started to drop after the stock faced a resistance at ₹350 in early June. The downside was restricted by the support at ₹275 two weeks ago. Last week, the stock reclaimed the ₹300-mark, indicating that the uptrend has resumed. We expect the price to touch ₹400 over the next few weeks.
Nevertheless, there might be a corrective decline, possibly to ₹290, before the next upswing. So, participants can go long now at ₹310 and buy more shares if the price dips to ₹290. Place stop-loss at ₹260. When the price rises to ₹340, revise the stop-loss to ₹320. Tighten the stop-loss further to ₹350 when the stock touches ₹370. Book profits at ₹400.
Radico Khaitan (₹1,944.9)
Sees a fresh breakout
Radico Khaitan’s stock, which has been in a long-term uptrend, lost some momentum in early 2024. While there was no depreciation in price, the scrip was largely moving in a sideways band. It has been oscillating within ₹1,500 and ₹1,820. Notably, the stock has now posted two consecutive weekly gains which resulted in a breakout. So, the probability of a rally from the current level is high.
Over the medium term, Radico Khaitan’s stock can appreciate to ₹2,400. Therefore, one can initiate fresh longs now at ₹1,945. Accumulate if the price dips to ₹1,750. Keep the stop-loss at ₹1,560. Revise the stop-loss to ₹2,050 when the stock touches ₹2,200. Trail the stop-loss to ₹2,200 when the price rises to ₹2,300. Exit at ₹2,400.
UPL (₹598.3)
Potential trend reversal
The stock of UPL was in a steady downtrend between early-2023 and April 2024. During this time, the price has dropped from about ₹800 to ₹450. But ₹450 provided a good support leading to a rebound in price. Last week, it broke out of ₹575 and made a higher high. The price action hints that the trend has turned bullish and the stock can rise to ₹800 in the medium term.
But the price might decline to ₹530 before the scrip surpasses ₹630, a minor resistance. So, we suggest buying now at around ₹600 and add more shares if the price dips to ₹530. Keep a stop-loss at ₹470. When the stock rises above ₹700, alter the stop-loss to ₹660. Trail the stop-loss to ₹720 when the price touches ₹750. Exit at ₹800.