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The stock of Elecon Engineering Company has been on a decline over the past month. It faced a resistance at ₹700 and fell off this level. On Wednesday, it closed at ₹595.25. But the chart shows that the stock found support at ₹565 last week and rebounded on the back of it. A rising trendline coincides at this level, making it a good base that the bulls can capitalise on. We expect the stock to rally and retest ₹700. Therefore, participants can buy shares of Elecon Engineering at the current level of ₹595 and accumulate if the price dips to ₹570. Place stop-loss at ₹535. When the price rises to ₹650, revise the stop-loss to ₹615. Tighten the stop-loss further to ₹660 when the stock touches ₹680. Exit at ₹700.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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