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The outlook is bullish for Paras Defence and Space Technologies. There is an inverted head and shoulder pattern formation on the chart. The neckline resistance at ₹780 is yet to be broken. But the price action on the chart indicates strength and leaves the chances high for the stock to breach ₹780. Such a break can take Paras Defence and Space Technologies share price up to ₹830 in the coming weeks.
Moving average cross overs on the daily chart also strengthens the bullish case. Traders can go long now at around ₹774. Accumulate on dips at ₹765. Keep the stop-loss at ₹735 initially. Trail the stop-loss up to ₹779 as soon as the stock moves up to ₹785. Move the stop-loss further up to ₹795 when the price touches ₹810. Exit the long positions at ₹830
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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