The short-term outlook is bullish for Max Financial Services. The stock surged over 5 per cent on Tuesday and closed on a strong note. This indicates the resumption of the uptrend in place since April this year. The 21-Day Moving Average (DMA) is on the verge of crossing over the 200-DMA.
This is a strong bullish signal. Support is around ₹750. Max Financial Services’ share price can rise to ₹850-860 over the next two-three weeks or even earlier than that. Traders can go long now. Accumulate on dips at ₹765. Keep the stop-loss at ₹740. Trail the stop-loss up to ₹795 as soon as the stock moves up to ₹810. Move the stop-loss further up to ₹820 when Max Financial Services’ share price touches ₹835. Exit the long positions at ₹845.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)