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The short-term outlook is positive for Bharat Dynamics. The stock had surged 4.8 per cent on Tuesday when the broader markets fell. This rise has taken the share price well above the intermediate resistance level of ₹1,800. Prior to this rise, the stock had formed a good base between ₹1,700 and ₹1,800. Support will now be in the ₹1,800-₹1,780 region.
Fresh buyers can emerge at those levels and limit the downside. Bharat Dynamics share price can rise to ₹2,150 over the next two-three weeks. Traders can buy the stock now at around ₹1,848. Accumulate on dips at ₹1,815. Keep the stop-loss at ₹1,710 initially. Trail the stop-loss up to ₹1,890 as soon as the stock moves upto ₹1,950. Move the stop-loss further up to ₹2,020 when the price touches ₹2,060. Exit the stock at ₹2,120.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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