Comments
The short-term outlook is bullish for the stock of Carborundum Universal as it has been moving up well at a time when the benchmark indices are beaten down badly. The stock has been moving inside a bull channel since March last year. Immediate support is at ₹944. Below that, the 21-Day Moving Average at ₹920 is the next strong support. It has been limiting the downside since the beginning of this month.
Read also: Our Russian plant is running smoothly and is profitable: MM Murugappan
Carborundum Universal can rise to ₹1,080 over the next three-four weeks. Traders can go long at current levels and accumulate on dips at ₹948. Keep the stop-loss at ₹910. Trail the stop-loss up to ₹975 when the stock touches ₹990 on the upside. Move the stop-loss further up to ₹1,030 when Carborundum Universal rallies to ₹1,055. Book profits at ₹1,070.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.