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The short-term outlook is bullish for Shoppers Stop. The bounce from the low of ₹736 on Tuesday indicates the presence of strong buyers. The region between ₹750 and ₹725 is a strong support zone. Cluster of moving averages are poised in this region will make it difficult for the stock to go below ₹725.
As such fresh buyers can continue to come into the market at lower levels and limit the downside. Shoppers Stop share price can rise to ₹850 in the next two-three weeks. Traders can go long now at ₹771. Accumulate on dips at ₹755. Keep the stop-loss at ₹720 initially. Trail the stop-loss up to ₹790 as soon as the stock moves up to ₹805. Move the stop-loss further up to ₹815 when the price touches ₹825. Exit the long positions at ₹840.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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