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The short-term outlook for CESC is bullish. The stock has surged over 10 per cent so far this week. That marks the end of the corrective fall that was in place earlier. The rally has taken the share price well above ₹202 - a key intermediate resistance. Support will now be in the ₹202.50-₹202 region.
The stock price has been moving inside a bull channel since mid-July this year. That strengthens the bullish case. CESC share price can rise to ₹225 in the coming weeks. Traders can go long now at ₹206. Accumulate on dips at ₹203. Keep the stop-loss at ₹194. Trail the stop-loss up to ₹211 when the price goes up to ₹216. Move the stop-loss further up to ₹218 when the price touches ₹221. Exit the long positions at ₹225.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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