The short-term outlook for Mumbai Printing & Dyeing Manufacturing Company is positive. The stock has been on a strong uptrend since April of this year. The stock soared more than 9% on Tuesday, marking the start of a new rally in a broader uptrend. The stock has support at Rs 140-138.
Any dip in intermediate support could attract new buyers. So a break below Rs 138 is unlikely for now. In the next two to three weeks, Bombay Dye’s share price may rise to Rs 165-170. Traders can go long at current levels. Buy on dips at Rs 140. Keep your stop loss at Rs 133. Once the share price rises to Rs 157, raise the stop loss to Rs 153. When the price hits Rs 161, move the stop loss further up to Rs 158. Exit the long position at Rs 165.
(Note: The recommendation is based on technical analysis, and there is a risk of loss in the transaction.)
