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Finolex Industries’ stock rallied in the second half of March. It bounced off the support at ₹205 and touched ₹250 by the end of last month. After reaching ₹250, the uptrend lost momentum. Although there was no bearish trend reversal, the stock was held in a sideways range over the past week. It was oscillating in the tight range of ₹243-254.
On Wednesday, Finolex Industries’ stock broke out of the range, increasing the probability of further rally from here. The scrip can potentially appreciate to ₹275 in the near-term. So, we suggest buying shares of Finolex Industries now at ₹255 and on a dip to ₹250. Place stop-loss at ₹242 at first. When the stock rises past ₹265, tighten the stop-loss to ₹258. Book profits at ₹275.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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