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The stock of Allcargo Logistics has largely charted a sideways trend since April 2023. Barring a brief rally above ₹78 a couple of times in 2024, the scrip has traded within the ₹60 and ₹78 band. Since July, the share price has moved in a narrower range of ₹60-65. This week, it broke out of the resistance at ₹65 and confirmed a double-bottom pattern. Therefore, the trend, at least in the near-term, has turned bullish. We expect the stock to touch ₹78 soon. So, buy now at ₹67, and accumulate if the price dips to ₹63. Place the initial stop-loss at ₹58. When the stock touches ₹72, modify the stop-loss to ₹69. Tighten the stop-loss to ₹72 on a rally to ₹75. Exit at ₹78.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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