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The stock has been in a strong uptrend. The 5.8 per cent rise on Thursday last week indicates the resumption of the uptrend. The inverted head and shoulder pattern on the daily chart strengthens the bullish case. Here in this case, the pattern will act as a continuous pattern. The neckline support of this pattern is around ₹37.50. Below that the next important support is at ₹35. Infibeam Avenues’ share price can rise to ₹48-50 in the coming weeks. Traders can go long now at around ₹40. Accumulate on dips at ₹38. Stop-loss can be kept at ₹34 initially. Trail the stop-loss up to ₹42 as soon as the stock moves up to ₹45. Move the stop-loss further up to ₹46 when the price touches ₹48. Exit the long positions at ₹49.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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