Astral’s share price has been on the rise for quite some time. In March, the stock found support at ₹1,300 and rebounded. What followed was a sharp rally and last week, it closed above a key hurdle at ₹1,950. Although the stock has been consolidating in the past few sessions, it sustains above the resistance-turned-support level of ₹1,950.
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By witnessing a fall on Wednesday, the stock of Astral is now near a support at ₹1,962. Notably, the price band of ₹1,950-1,962 is a good base. We anticipate a bounce off this band, especially in Thursday’s session. Therefore, one can buy the shares of Astral at the current level of about ₹1,969. Place stop-loss at ₹1,950 at first; shift it up to ₹1,980 when the stock surpasses ₹1,995. Book profits at ₹2,010.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)