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MMTC has made a strong, bullish breakout. The stock price surged over 9 per cent on Tuesday taking it very well above the key resistance at ₹80. This breakout has boosted the momentum. The level of ₹80 will act as good resistance-turned-support. Intermediate dips are likely to be limited to ₹80. Moving average cross-overs on the daily chart also strengthens the bullish case.
MMTC’s share price can increase to ₹93 in the coming weeks. Traders can go long now, around ₹84. Accumulate on dips at ₹81. Keep the stop-loss at ₹78 initially. Trail the stop-loss up to ₹85 as soon as the stock moves up to ₹88. Move the stop-loss further up to ₹88 when the price touches ₹90. Exit the long positions at ₹92.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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