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The short-term outlook for Eveready Industries is bullish. The stock has had strong support from its 200-Day Moving Average (DMA) all through the month of June. The 200-DMA support is at ₹327. There is a moving average cross-over between the 55- and 100-DMA. This strengthens the bullish case. Immediate resistance is at ₹355. The chances that the stock will break this resistance in the coming days are high. Such a break can take Eveready Industries’ share price up to ₹380-385 over the next two-three weeks. Traders can go long now. Accumulate on dips at ₹335. Keep the stop-loss at ₹320. Trail the stop-loss up to ₹353 as soon as the stock moves up to ₹365. Move the stop-loss further up to ₹368 when the price touches ₹373. Exit the long positions at ₹378.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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