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The short-term outlook is bullish for Cholamandalam Financial Holdings. The stock had surged about 7 per cent last week and has closed on a strong note. That rise has taken the share price well above the key resistance level of ₹1,635. The broad region between ₹1,635 and ₹1,590 will be a very good support zone for the stock.
Any intermediate dips will find fresh buyers coming into the market at lower levels and limit the downside. Cholamandalam Financial Holdings share price can rise to ₹1,900 in the next few weeks. Traders can go long at ₹1,697.
Accumulate on dips at ₹1,645. Keep the stop-loss at ₹1,570. Trail the stop-loss up to ₹1,730 as soon as the stock moves up to ₹1,780. Move the stop-loss further up to ₹1,810 when the price touches ₹1,840. Exit the long positions at ₹1,880.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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