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The stock of Nestle India has been charting a sideways movement since November last year. It has been oscillating between ₹2,150 and ₹2,280. Prior to this, there was a considerable fall in price. But the horizontal trend following the fall shows that the downtrend lost momentum. In addition, the long-term chart shows that the stock has strong support at ₹2,150, which has remained valid since May 2023. Also, in the daily chart, the rally on Wednesday indicates good buying near the bottom of the range, hinting at a potential reversal. These factors increase the likelihood of a rally. So, buy Nestle India shares at ₹2,180 and at ₹2,160. Place stop-loss at ₹2,130. When the stock rises to ₹2,250, trail the stop-loss to ₹2,200. Book profits at ₹2,280.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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