The stock of Havells India began its latest leg of rally towards the end of January, after finding support at ₹1,280. But after reaching ₹1,900, the uptrend lost steam, leading to a sideways movement. But on Monday, the stock opened with a gap-up and hit a record high of ₹1,986.55 before giving up the gains and ending the day lower by nearly 1.6 per cent. However, the support at ₹1,860 holds true and the broader trend is bullish.
There is a good chance for the stock to appreciate from here. Therefore, traders can buy the stock of Havells India now at ₹1,880 and accumulate at ₹1,860. Place a tight stop-loss at ₹1,835. When the stock rises above ₹1,920, tighten the stop-loss to ₹1,890. Book profits at ₹1,950.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.