Grasim Industries’ hit a record high of ₹2,500 last week. But then it changed direction and moved south over the past few sessions. Nevertheless, the broader trend is bullish and is now hovering around the 20-day moving average support. So, going ahead, we expect the stock to recover and retest ₹2,500 in the short-term. But there might be a minor correction in price from the current level, possibly to ₹2,330, before the next upswing in price.
Therefore, participants can consider going long at the current level of around ₹2,380 and buy more shares if the price moderates to ₹2,330. Place initial stop-loss at ₹2,290. When the stock rises to ₹2,450, raise the stop-loss up to ₹2,400. Liquidate the longs at ₹2,480.
Today’s Stock Recommendation: May 14, 2024
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)