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The stock of Brigade Enterprises saw its price drop between early October and mid-November. It began to decline after facing a resistance at ₹1,400. But nearly a couple of weeks back, it found support between ₹1,050 and ₹1,100. Last week, the stock rallied steadily on the back of this price band. The momentum looks strong, and the price is now above the 20- and 50-day moving averages. So, the probability of a rally from the current level is high.
Therefore, traders can go long at ₹1,190 and accumulate if the price dips to ₹1,140. Place stop-loss at ₹1,040. When the price hits ₹1,275, trail the stop-loss to ₹1,200. Tighten the stop-loss further to ₹1,290 when the stock touches ₹1,350. Liquidate the longs at ₹1,400.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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