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The stock of Ami Organics has been steadily gaining since mid-August. But after marking a high of ₹1,820 two weeks ago, it reversed the direction. Although the price moderated, the scrip stayed above key levels. Notably, on Tuesday, the stock rebounded on the back of the 20-day moving average support at ₹1,610.
The chart shows that the price region between ₹1,600 and ₹1,610 is a demand zone. Going forward, we expect the stock to rally and touch ₹1,850 in the near-term. Therefore, traders can buy shares of Ami Organics now and accumulate if the price dips to ₹1,620. Place stop-loss at ₹1,580. When the stock rises above ₹1,750, alter the stop-loss to ₹1,680. Tighten the stop-loss further to ₹1,750 when the price hits ₹1,800. Book profits at ₹1,850.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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