The stock of Thomas Cook (India) has been on a long-term uptrend. The latest leg of uptrend began a couple of months back on the support at ₹140. But since the final week of April, the stock was largely trading in a sideways band. This week, it has broken out of the resistance at ₹215, opening the door for further rally. Notably, it bounced off the 20-day moving average, indicating that the uptrend has resumed.
There is a potential for the stock to appreciate to ₹250. So, traders can buy now at ₹220 and accumulate at ₹210. Stop-loss can be at ₹200. Raise the stop-loss to ₹220 when the price rises to ₹230. Tighten the stop-loss further to ₹230 when the stock hits ₹240. Exit at ₹250.
Today’s Stock Recommendation: May 16, 2024
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)