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The short-term outlook for the stock of Coal India is bullish. The recent bounce from the low of ₹211.25 has happened from the 200-Day Moving Average signalling bullishness and end of the downtrend that was in place since November last year . Immediate support is at ₹226 and below that, ₹220 is the next important support. Resistance is at ₹236. A strong break above it can take Coal India up to ₹260-₹265 over the next three-four weeks or earlier.
Traders can go long now and accumulate on dips at ₹227. Keep a stop-loss at ₹218. Trail the stop-loss at ₹235 as soon as the stock moves up to ₹239. Move the stop-loss further up to ₹252 when the Coal India touches ₹256. Book profits at ₹260.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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