The stock of Rallis India is gearing up for a fresh rally. The stock surged over 4 per cent on Tuesday. Prior to this rise, the stock has formed a strong base above ₹210. That hints at the beginning of a new leg of rally. Strong support in the ₹213-210 region. Intermediate dips are likely to get fresh buyers in the above-mentioned support zone. Rallis India share price can rally to ₹252 over the next three-four weeks or even earlier than that.
Traders can go long at current levels. Accumulate on dips at ₹214. Keep the stop-loss at ₹204. Trail the stop-loss up to ₹229 as soon as the stock moves up to ₹234. Move the stop-loss further up to ₹238 when the stock price touches ₹243. Exit the long positions at ₹248.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)