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The short-term outlook for the stock of Man Infraconstruction is bullish. The strong 6.6 per cent surge on Thursday confirms the formation of an inverted head and shoulder pattern on the chart. This strengthens the bullish case and increases the chances of seeing a further rise from current levels. The neckline support of the pattern is at ₹123. A slightly deeper support is at ₹116. As long as the stock trades above ₹123 and ₹116, the chances are high for it to rally towards ₹150-155 in the coming weeks.
Traders with a short-term perspective can go long at current levels. Accumulate longs at ₹124. We do not expect a fall below ₹123. However, if a dip below ₹123 is seen more longs can be accumulated at ₹118. Keep the stop-loss at ₹114. Trail the stop-loss up to ₹131 as soon as the stock moves up to ₹139. Move the stop-loss further up to ₹143 as soon as the stock rises to ₹149. Book profits at ₹153. The bullish outlook will get negated only if the stock breaks below ₹116. Such a break can drag the stock down to ₹110 levels again.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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