Technical Analysis

Future Retail (₹574.4)

Gurumurthy K BL Research Bureau | Updated on September 04, 2018 Published on September 03, 2018

The outlook for the stock of Future Retail is bullish. The stock surged 3.3 per cent on Monday, breaching decisively the key resistance level of ₹560. The stock has been broadly range-bound between ₹450 and ₹650 over the last several months. Within this range it made a low of ₹453 in mid-August and has reversed sharply higher from there thereby keeping the sideways move intact.

The strong close above ₹560 on Monday has strengthened the current up move. It has also increased the possibility of the stock revisiting ₹600 and ₹650 levels in the coming weeks. Near-term support is at ₹560. Intermediate dips to this level is likely to find fresh buying interest coming into the stock.

A rally to ₹595 and ₹600 is likely in the near term. A strong break and a decisive close above ₹600 will then pave way for a revisit of ₹630 and higher levels.

Short-term traders can go long and also accumulate at ₹565. Stop-loss can be placed at ₹535 for a target of ₹620. Revise the stop-loss higher to ₹580 as soon as the stock moves up to ₹590.

(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)

Read further by subscribing to

The Hindu Businessline

What You'll Get

  • Web + Mobile

    Access exclusive content of the Hindu Businessline across desktops, tablet and mobile device.

  • Exclusive portfolio stories and investment advice

    Gain exclusive market insights from the Hindu Businessline's research desk.

  • Ad free experience

    Experience cleaner site with zero ads and faster load times.

  • Personalised dashboard

    Customize your preference and get a personalized recommendation of stories based on your intrest.

This article is closed for comments.
Please Email the Editor