The upmove in E.I.D. – Parry has gained momentum. The stock had surged over 8 per cent on Wednesday when the benchmark indices had declined. This rise has taken the stock well above an intermediate resistance level of ₹667. Intermediate dips cannot be ruled out, but that could be short-lived. The level of ₹667 can now act as a good support and limit the downside.
Fresh buyers are likely to come into the market at lower levels. E.I.D. – Parry share price can rise to ₹750 in the short-term. Traders can go long now at ₹686. Accumulate on dips at ₹672. Keep the stop-loss at ₹654 initially. Trail the stop-loss up to ₹692 as soon as the price goes up to ₹705. Move the stop-loss further up to ₹715 when the price touches ₹730, Exit the long positions at ₹745.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
