Stock to buy today: Sudarshan Chemical Industries (₹440)

Sudarshan Chemical Industries‘ Share price rose substantially on Wednesday. This led to the breach of a critical resistance at ₹425, which has been holding true since October last year. The stock hit a nine-month high of ₹453 on Wednesday before ending the session lower at ₹440. Following the breakout, the scrip shows potential to rally more, especially in the next couple of sessions.

But there could be an intraday dip to ₹425 on Thursday before further rally. So, traders can go long on the stock now at ₹440 and add more longs if the price dips to ₹425. The average price will thus be around ₹433. Keep stop-loss at ₹422. Book profits when the stock hits ₹455.

(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)

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