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Balrampur Chini Mills is gearing up for a fresh rally. The stock had risen 3.6 per cent on Wednesday. This rise has made a bullish breakout above a key resistance at ₹410 which has been capping the upside since February this year. Going forward ₹410 will act as a good resistance-turned-support and limit the downside. Any intermediate dips are likely to find fresh buyers coming into the market at lower levels.
Balrampur Chini Mills share price can rise to ₹440 in the coming weeks. Traders can go long now at around ₹420. Accumulate on dips at ₹412. Keep the stop-loss at ₹406 initially. Trail the stop-loss up to ₹423 as soon as the stock goes up to ₹428. Move the stop-loss further up to ₹430 when the share price touches ₹434. Exit the long positions at ₹438.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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