The short-term outlook for the stock of Oberoi Realty is bullish. The stock has surged about 4 per cent on Thursday and closed on a strong note. There is a confirmed inverted head and shoulder pattern on the chart. This strengthens the bullish case. The neckline support of this pattern is at ₹935 which can limit the downside very well now. Below that cluster of supports are around ₹900.
Oberoi Realty can rally to ₹1,100 over the next three-four weeks. Traders can go long at current levels. Accumulate on dips at ₹940. Keep the stop-loss at ₹890. Trail the stop-loss up to ₹985 when the stock moves up to ₹1,010. Move the stop-loss further up to ₹1,025 as soon as the Oberoi Realty touches ₹1,060 on the upside. Book profits at ₹1,080.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.