The upmove in the stock of DCM Shriram is gaining momentum. The stock has surged 5 per cent on Monday breaking above the intermediate resistance level of ₹990. That leaves the short-term outlook bullish for this stock. Positive moving average cross overs on the daily chart also strengthens the bullish case. The region around ₹990-₹980 will now act as a good support zone and limit the downside in case of a dip from current levels. DCM Shriram share price can rise to ₹1,150 over the next three-four weeks.
Traders can go long now at ₹1,015. Accumulate on dips at ₹995. Keep the stop-loss at ₹930 initially. Revise the stop-loss up to ₹1,045 as soon as the stock moves up to ₹1,075. Move the stop-loss further up to ₹1,095 when the price touches ₹1,110. Exit the long positions at ₹1,140.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)