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The upmove in Birla Corporation is gaining momentum. The stock surged 6.7 per cent on Tuesday and closed on a strong note. The outlook is bullish with immediate resistance at ₹1,110. But, considering the momentum visible on the charts, the chances are high for the stock to break this hurdle in the coming days. Such a break can take Birla Corporation share price up to ₹1,200-1,250 over the next two-three weeks. Support will be in the ₹1,030-1,000 region.
Intermediate dips are likely to get bought. Traders can go long now. Accumulate on dips at ₹1,040. Keep the stop-loss at ₹985. Trail the stop-loss up to ₹1,110 as soon as the stock moves up to ₹1,145. Move the stop-loss further up to ₹1,160 when the price touches ₹1,190. Exit the longs at ₹1,225.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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