The short-term outlook for the stock of Pricol is bullish. The stock surged 7.55 per cent on Thursday. This has taken the stock well above key resistance level of ₹195. It also confirms an inverted head and shoulder reversal pattern strengthens the bullish case. The neckline support of this pattern is at ₹195. A fall below ₹195 is less likely. Pricol can rally to ₹220 over the next one-two weeks.
A strong break above ₹220 will open doors to target ₹230 and ₹245 over the next three-four weeks. Traders can go long at current levels. Keep the stop-loss at ₹192. Trail the stop-loss up to ₹205 when the stock moves up to ₹209. Move the stop-loss further up to ₹213 when Pricol touches ₹216 on the upside. Book profits at ₹218.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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