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The near-term outlook is bullish for Varun Beverages. The stock has surged over 5 per cent on Wednesday. It has been moving up over the last two days when the broader markets are falling. Supports are at ₹620 and ₹610. Any intermediate dips are likely to be limited to ₹610 going forward. Moving average crossovers on the daily chart also strengthens the bullish case. It indicates that the downside will be limited.
Varun Beverages share price can rise to ₹655 in a week or two. Traders can go long now at ₹629. Accumulate on dips at ₹622. Keep the stop-loss at ₹612. Trail the stop-loss up to ₹633 as soon as the stock goes up to ₹638. Move the stop-loss further up to ₹642 when the share price touches ₹648. Exit the long positions at ₹655.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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