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The outlook is bullish for EID–Parry. The stock surged about 10 per cent last week. This rise has taken the stock well above the key resistance levels of ₹593 and ₹606. These levels will now act as a strong support. The chances are high for the stock to sustain above ₹606 itself. Moving Average cross-overs on the weekly chart strengthens the bullish case. It also indicates that the downside could be limited. EID–Parry’s share price can rise to ₹650-₹655 over the next couple of weeks. Traders can go long now at ₹616.65. Accumulate on dips at ₹610. Keep an initial stop-loss at ₹595. Trail the stop-loss up to ₹622 when the price touches ₹628. Move the stop-loss further up to ₹635 when the price moves up to ₹642. Exit the long positions at ₹650.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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