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The upmove in Ashoka Buildcon is gaining momentum. The stock had surged about 11 per cent on Friday. This rise has taken the share price well above the key resistance level of ₹200. The stock was struggling to break this psychological ₹200 mark since February this year. So, now the level of ₹200 will act as a good support. Intermediate dips to this support level are likely to see fresh buyers coming into the market.
Ashok Buildcon share price can rise to ₹250 over the next three-four weeks. Traders can go long now at around ₹207. Accumulate on dips at ₹201. Keep a stop-loss at ₹194. Trail the stop-loss up to ₹211 as soon as the stock goes up to ₹218. Move the stop-loss further up to ₹223 when the price touches ₹232. Exit the long positions at ₹240.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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