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The short-term outlook is bullish. The stock has been range bound between ₹339 and ₹361 for more than two weeks. The chances are high to see an upside break of this range above ₹361. Such a break will take Granules India up to ₹420 over the next three-four weeks.
Signals from the moving averages are positive and that strengthens the case for a bullish range breakout. Supports are at ₹342 – the 21-Day (MA) and then at ₹339 – the range support. Traders can go long at current levels.
Accumulate on dips at ₹344. Stop-loss can be placed at ₹329. Trail the stop-loss up to ₹359 as soon as the stock moves up to ₹367. Move the stop-loss further up to ₹385 when the stock touches ₹395 on the upside. Book profits at ₹410.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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