Maintain stoploss of Rs 99 in Praj Industries

MUMBAI: India Infoline has advised to maintain stoploss of Rs 99 on all long postions of Praj Industies for a short-term period of 1-3 days. The stock, it says, may move upto Rs 119 levels.

���On the weekly chart, Praj Industries has gave an upside breakout in Friday���s trading session. It suggests that the consolidation range is about to end and may reverse into an uptrend. On Friday, the stock rallied by over 10% confirming the bullish set up.

Moreover, the stock has given a close above its key moving averages on expanding volumes. The other supportive technical oscillators are positive and the up move may extend to the levels of Rs119. It is advisable to maintain a stop loss of Rs 99 on all long positions,��� the technical note said.

Note: The above recommendation is a short-term trading idea for a time period of 1-3 days.