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The stock of Great Eastern Shipping Company began its latest leg of uptrend in mid-July. It breached a resistance at ₹440 a couple of weeks back and this week it has rallied above an important level of ₹500. Although the stock ended flat on Wednesday, it is highly likely to rally on Thursday.
It could touch ₹540. Therefore, one can consider buying the stock for intraday and place stop-loss at ₹500. Exit your long positions when the price touches ₹540. When stock opens with a gap-up, wait for price to dip to ₹515 and then buy. On the other hand, if the stock begins Thursday’s session below ₹500, it can drop further; so, refrain from trading.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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