I have bought SAIL at Rs 64.75 level. What should I do now? Should I hold or book minor profits?
HOLD SAIL WITH STOP LOSS OF RS 63
SAIL is currently trading at Rs 76.60. Its 52-week high/low stand at Rs 70.75/44.75 made on October 25, 2017 and November 9, 2016, respectively. Considering the daily time frame, the stock recently broke out of its multiple resistances at Rs 64-65 with huge volumes and the 14-period RSI entering above 70 to 75 in a single trading day. The stock has a potential to go up on a continued basis or after a pull back up to Rs 64-63 levels, which is below its 61.8% retracement of the prior upward move. Hence, we suggest you to hold the stock for some more upside, but with a stop loss of Rs 63.