The short-term outlook is bullish for Engineers IndiaThe stock surged 6.7 per cent Friday and has closed on a strong note for the week. This rise has taken the share price well above the key resistance level of ₹230. It confirms a bullish inverted head and shoulder pattern on the daily chart. This marks the end of the corrective fall and also indicates the beginning of a fresh leg of upmove. Engineers India share price can rise to ₹280-285 over the next few weeks. Traders can go long now at ₹237. Accumulate on dips at ₹232. Keep the stop loss at ₹214. Trail the stop-loss up to ₹242 as soon as the stock price goes up to ₹248. Move the stop-loss further up to ₹258 when the price touches ₹265. Exit the stock at ₹278.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)