Voltas’ share price has been on a strong rise for more than a week now. On Wednesday, the stock surged 3.9 per cent breaking above the key 200-day moving average (MA) support which is currently near ₹821. This rise has boosted the bullish momentum. There is strong support in the broad ₹830-820 region. A fall below ₹820 is less likely now as fresh buyers can emerge and limit the downside.
Voltas’ share price can surge to ₹930 over the next three-four weeks or even earlier than that. Traders can go long now. Accumulate on dips at ₹833 and ₹825. Keep the stop-loss at ₹795. Trail the stop-loss up to ₹855 as soon as the stock moves up to ₹868. Move the stop-loss further up to ₹890 when the price touches ₹905. Exit the long positions at ₹925.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)