the stock of Sudarshan Chemical Industries turned bullish in May last year after it broke out of the resistance at ₹430. However, after touching ₹610 last month, the price turned lower. But the support at ₹550 arrested the decline and on the back of this support, the stock rebounded. Last week, it broke out of the resistance at ₹610.
Even though the price softened on Tuesday, the uptrend is intact and we expect the stock to rally from here. In the short-term, it is likely to hit ₹650. So, traders can buy the stock now at around ₹610 and on a dip to ₹600. Place stop loss at ₹585. When the stock rallies past ₹625, tighten the stop-loss to ₹600. Book profits at ₹645.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)