The short-term outlook is bullish for Balrampur Chini Mills. The upmove that had begun from mid-February this year had paused for a week. The price action towards the end of last week indicates that a new leg of upmove is beginning. Cluster of supports are there in the ₹525-515 region which can limit the downside from here. Moving average crossovers on the daily chart also strengthens the bullish case. Balrampur Chini Mills share price can rise to ₹600 in the coming weeks.
Video Credit: Gurumurthy K
Traders can buy Balrampur Chini Mills shares now at ₹547. Accumulate on dips at ₹530. Keep the stop-loss at ₹508 initially. Trail the stop-loss up to ₹555 as soon as the stock goes up to ₹570. Move the stop-loss further up to ₹575 when the share price touches ₹585. Exit the long positions at ₹595.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
