Stock to buy today: Elgi Equipments (₹516.25): BUY

Elgi Equipments share price can rise to ₹550 over the next two to three weeks

Join Whatsapp GroupJoin Now

Join Telegram groupJoin Now

Which share is best today?

The short-term outlook is bullish for Elgi Equipments. The stock was up over 3 per cent on Wednesday. This rise has happened after a consolidation above the 200-day Moving Average (MA) for more than a week. In addition to this, the 21-day MA is just turning up from near the 200-day MA. This is a bullish signal indicating limited downside. Support is in the ₹500-497 region. Intermediate dips are likely to get bought around ₹500.

Elgi Equipments share price can rise to ₹550 over the next two to three weeks. Traders can go long now. Accumulate on dips at ₹505. Keep the stop-loss at ₹493. Trail the stop-loss up to ₹520 as soon as the stock moves up to ₹522. Move the stop-loss further up to ₹530 when the price touches ₹537. Exit the long positions at ₹545.

Special Offer: Invest without brokerage fees in Equity Delivery and Direct Mutual Funds. Pay a flat Rs 20 per trade for Intra-day and F&O. Open an instant account with Zerodha and start trading today.

Follow DS Trading Tech for the Share Market Update, Stocks News, upcoming IPO news and their reviews, also keep following us on Twitter, Facebook, and Instagram. For our latest videos, subscribe to our YouTube channel.