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The upmove in the stock of Rail Vikas Nigam Limited (RVNL) is gaining momentum. The stock surged 9 per cent on Friday and closed on a strong note. This rise has taken the share price well above the key resistance level of ₹450. The region between ₹455 and ₹450 can now be a strong support. The 100- and 200-Day Moving Averages are also present in this region . Below that, ₹438 is the next strong support. Rail Vikas Nigam’s share price can rise to ₹515 in the coming weeks. Traders can go long now at ₹476. Accumulate on dips at ₹458. Keep the stop-loss at ₹445. Trail the stop-loss up to ₹485 as soon as the stock goes up to ₹495. Move the stop-loss further up to ₹497 when the price touches ₹502. Exit the long positions at ₹510.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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