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The outlook for Sona BLW Precision Forgings is bullish. The stock has been getting strong support in the ₹620-₹615 region. The price action on the chart all through last week indicates the presence of strong buyers in the ₹620-₹615 region. On Friday, the stock has risen and closed well above an intermediate resistance level of ₹640. This level of ₹640 will now act as a strong support. Sona BLW Precision Forgings share price can rise to ₹710 in the coming weeks. Traders can go long now at ₹651.
Accumulate on dips at ₹645. Keep a stop-loss at ₹610 initially. Trail the stop-loss up to ₹660 as soon as the stock moves up to ₹673. Move the stop-loss further up to ₹685 when the price touches ₹695. Exit the long positions at ₹710.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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