The outlook for Steel Authority of India (SAIL) is bullish. The stock has risen 5 per cent on Tuesday and has closed on a strong note. This has taken the share price well above the key resistance level of ₹140. It also marks the end of the consolidation phase and indicates that the broader uptrend has resumed. The level of ₹140 will now act as a strong support.
Steel Authority of India (SAIL) share price can go up to ₹166 in the next few weeks. Traders can go long now at around ₹148. Accumulate on dips at ₹142. Keep the stop-loss at ₹136. Trail the stop-loss up to ₹151 as soon as the stock moves up to ₹157. Move the stop-loss further up to ₹156 when the price touches ₹159. Exit the longs at ₹164.
Today’s Stock Recommendation: 3rd April 2024
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)