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The short-term outlook is bullish for Laxmi Organic Industries. The stock has surged about 12 per cent this week. This has taken the stock well above the key ₹270-275 resistance zone. There is resistance near current levels. But any fall can find support in the ₹275-270 zone. A trendline as well as the 200-Day Moving Average are poised in the ₹275-₹270 region. That makes it a very strong support.
The stock can rise to ₹340 over the next one month. Short-term traders can go long at current levels. Accumulate on dips at ₹280. Keep the stop-loss at ₹265. Trail the stop-loss up to ₹301 as soon as the stock moves up to ₹309. Move the stop-loss further up to ₹320 when the price touches ₹327. Exit the long positions at ₹335.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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