The outlook is bullish for Automotive IndiaThe stock has made a bullish breakout by surging over 6 per cent on Wednesday. This surge has taken the share price well above the key resistance level of ₹510. This level has been capping the upside since October last year. So, the breakout is very significant. Any intermediate dips will now be limited to ₹510 as fresh buyers are likely to come into the market.
CIE Automotive India share price can rise to ₹580 in the coming weeks. Traders can go long now at around ₹531. Accumulate on dips at ₹515. Keep the stop-loss at ₹490 initially. Trail the stop-loss up to ₹537 as soon as the stock moves up to ₹548. Move the stop-loss further up to ₹560 when the price touches ₹570. Exit the longs at ₹580.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)