Crompton Greaves Consumer Electricals (₹239.7)

The outlook for the stock of Crompton Greaves Consumer Electricals is bullish. The stock surged over 4 per cent on Thursday. This rally confirms the breakout of the sideway range between ₹205 and ₹230. The stock was stuck inside this range for over four months since July. Strong support is in the ₹230-₹228 region. Dips to this support might find fresh buyers coming into the market. A rise to test the immediate resistance in the ₹245-₹246 region is likely in the coming days.

A strong break and a decisive close above ₹246 will thenincrease the likelihood of the upmove extending to ₹255 or even ₹260 over the medium term. Traders can go long at current levels. Stop-loss can be placed at ₹232 for a target of ₹255. Accumulate on dips near ₹235. Revise the stop-loss higher to ₹243 as soon as the stock moves up to ₹247.

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