The upmove in the Thirumalai Chemicals is gaining momentum. The stock has begun the week on a strong note by surging 7 per cent on Monday.
This rise has taken the share price very well above the key resistance level of ₹265. This level of ₹265 will be a good support now and limit the downside if there are any intermediate dips.
Moving average cross overs on the daily chart strengthens the bullish case. Thirumalai Chemicals share price can rise to ₹310 in the next few weeks.
Today’s Stock Recommendation: June 11, 2024
Traders can go long at ₹287. Accumulate on dips at ₹270. Keep the stop-loss at ₹263 initially. Trail the stop-loss up to ₹292 as soon as the stock moves up to ₹297.
Move the stop-loss further up to ₹298 when the price touches ₹303. Exit the long positions at ₹308.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)