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KPR Mill’s stock hit a record high of ₹1,053.50 a couple of weeks ago. However, it started to fall in the following sessions and hit a low of ₹902.1 early this week. Notably, the stock has now bounced off the 20-day moving average. Also, in the daily chart, the price action shows that KPR Mill continues to form higher lows and higher highs.
Therefore, the probability of a rally from here is high. We expect the scrip to touch ₹1,020 in the near-term. So, traders can go long now at ₹944 and accumulate if the price dips to ₹920. Place stop-loss at ₹890. When the stock rises to ₹975, revise the stop-loss to ₹945. On a rally to ₹1,000, tighten the stop-loss to ₹975. Exit at ₹1,020.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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