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The stock of Shriram Finance has been on a decline for nearly two weeks. The price started to moderate on the back of the resistance at ₹3,000. But the downswing is likely to come to an end as the stock is near the 20-day moving average support, which is now at ₹2,800. Just below this is another support at ₹2,770. Moreover, the broader trend is bullish following a range breakout last month. Therefore, the probability of a rally from here is high. We anticipate Shriram Finance stock price touching ₹3,000 in the near-term. Buy now at ₹2,805 and accumulate if the price dips to ₹2,775. Place stop-loss at ₹2,700. Raise the stop-loss to ₹2,820 when the stock hits ₹2,900. Tighten the stop-loss to ₹2,900 when the price rises to ₹2,950. Exit at ₹3,000.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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