The outlook for the stock of Edelweiss Financial Services is bullish. The stock surged 3.2 per cent on Wednesday breaking above the key resistances at ₹202 and ₹204. This rally also signals the end of the sideways consolidation phase that was in place since June. Moreover, this also suggests that the long-term uptrend is intact and slowly gaining momentum. The levels of ₹202 and ₹204 may now act as a good near-term support for the stock. Intraday dips to these levels may find fresh buyers coming into the market.
A rise to ₹213 and ₹215 is likely in the coming days. Short-term traders can go long. Stop-loss can be placed at ₹201 for the target of ₹213. Accumulate on dips near ₹203. Revise the stop-loss higher to ₹208 as soon as the stock moves up to ₹210. The level of ₹196 is a key short-term support below ₹202. The bullish outlook will get negated only if it declines below this support. The ensuing targets on such a fall are ₹190 and ₹185. However, such a strong fall looks less likely as the stock formed a strong base around ₹200 over the last one week.
(Note: The recommendations are based on technical analysis. There is a 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.