Praj Industries’ stock has been blocked by a resistance at ₹600 since mid-September. But on Thursday, it broke out of this barrier and opened the room for further rally. In particularly, we expect the stock to appreciate on Friday. Although there could be a minor intraday dip to ₹608.
There is a good chance for the stock to touch ₹635 on Friday. So, we suggest buying the stock of Praj Industries at the current level of ₹615.8. Accumulate in case the price declines to ₹608. Place stop-loss at ₹600. Book profits when the stock hits ₹635. If Praj Industries shares open with a gap-up, wait for the price to dip to the above-mentioned levels of about ₹616 and ₹608 before initiating long positions. Refrain from trading if it opens below ₹600.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)