The short-term outlook for Vedant Fashions is bullish. The stock has been moving up for over a week now. So far this week, the 4 per cent rise has taken the share price well above the key resistance level of ₹1,190. The region between ₹1,200 and ₹1,185 will now act as a good support zone and limit the downside. Fresh buyers are likely to emerge at lower levels. Vedant Fashions’ share price can rise to ₹1,310-₹1,315 in the next few weeks. Traders can go long now at ₹1,223. Accumulate on dips at ₹1,205. Keep the stop-loss at ₹1,175 initially. Trail the stop-loss up to ₹1,235 as soon as the stock moves up to ₹1,260. Move the stop-loss further up to ₹1,270 when the price touches ₹1,290. Exit the long positions at ₹1,310.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)