Shyam Metalics and Energy has begun the week on a strong note by making a bullish breakout on Monday. The 6 per cent surge on Monday has taken the share price well above the crucial resistance level of ₹695. This has boosted the bullish momentum. Shyam Metalics and Energy share price can rise to ₹825 in the coming weeks. Any intermediate dips are likely to be limited to the ₹700-₹695 support zone.
Fresh buyers are likely to come into the market around this level. Traders can go long now at ₹714. Accumulate on dips at ₹705. Keep the stop-loss at ₹675 initially. Trail the stop-loss up to ₹725 as soon as the stock goes up to ₹740. Move the stop-loss further up to ₹770 when the price touches ₹795. Exit the long positions at ₹820
Today’s Stock Recommendation: July 2, 2024
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)