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The uptrend in United Spirits has gained momentum. The stock had surged over 7 per cent on Wednesday. Prior to this rise, the stock had managed very well to stay afloat on Tuesday when the broader markets ran into a massive sell-off. Strong support is now in the ₹1,275-₹1,265 region. Intermediate dips are likely to be limited to ₹1,265 as fresh buyers are likely to come into the market.
United Spirits share price can rise to ₹1,430 in the next few weeks. Traders can go long now at around ₹1,300. Accumulate on dips at ₹1,280. Keep the stop-loss at ₹1,230 initially. Trail the stop-loss up to ₹1,315 as soon as the stock moves up to ₹1,340. Move the stop-loss further up to ₹1,365 when the price touches ₹1,390. Exit the long positions at ₹1,420.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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