The short-term outlook is bullish for Balrampur Chini Mills. The stock has found strong support around ₹600. The share price has risen well by over 8 per cent so far this week.
This rise has taken the stock well above a key resistance level of ₹645. The region between ₹645 and ₹640 where the 21-day moving average (DMA) is also present, will now act as a strong support and limit the downside.
Balrampur Chini Mills share price can rise to ₹735 and ₹750 in the coming weeks. Traders can go long now at ₹659. Accumulate on dips at ₹644. Keep the stop-loss at ₹620 initially.
Trail the stop-loss up to ₹665 as soon as the stock goes up to ₹680. Move the stop-loss further up to ₹690 when the share price touches ₹710. Exit the stock at ₹735.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)