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The stock of Astral hit a record high of ₹2,351.65 on May 17 before it made a U-turn. It witnessed considerable sell-off in the first half of last week. However, it found support at ₹2,060. Note that the broader trend remains bullish. That said, we cannot reject the possibility of a decline from the current level, possibly to ₹2,050. But eventually, the stock is expected to halt the downswing and start appreciating.
The chart shows a potential for a rally to ₹2,300. So, traders can buy shares of Astral now at around ₹2,148 and accumulate at ₹2,050. Place initial stop-loss at ₹2,000. When the stock rises above ₹2,200, tighten the stop-loss to ₹2,120. Raise the stop-loss further up to ₹2,200 when the price touches ₹2,250. Exit at ₹2,300.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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