The uptrend in the stock of Shyam Metalics and Energy has gained momentum recently. The stock price had surged over 18 per cent last week. This rise has taken the share price well above the resistance levels of ₹535 and ₹580. The level of ₹580 can now act as a good resistance-turned-support level and limit the downside. Dips below ₹600 can see fresh buyers coming into the market.
Shyam Metalics and Energy share price can target ₹695 over the next two-three weeks. Short-term traders can buy Shyam Metalics and Energy shares at current levels. Accumulate on dips at ₹590. Trail the stop-loss up to ₹620 as soon as the stock moves up to ₹645. Revise the stop-loss further higher to ₹660 when Shyam Metalics and Energy share price touches ₹675 on the upside. Exit the stock at ₹690.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)