Grasim Industries Ltd. was in a consolidation after an amazing rally. The consolidation got a breakout on the daily candle on Friday 4th June 2021 and closed at Rs.1503.25 with volume support. The flat resistance line and rising support line formed the ascending triangle on the chart. I anticipate the price target of Rs.1688 in 14-18 daily candles. I suggest the stop loss at Rs.1479. This gives the risk-reward ratio of 1:13. The stop loss should be followed for the first four daily candles. Thereafter the profit booking/ exit decision should be based on downward crossover of 26 EMA by 5 EMA.
NOTE: This idea is an attempt to predict the future price movement. Investment decision based on this idea shall be solely at the risk of the investor.
NOTE: This idea is an attempt to predict the future price movement. Investment decision based on this idea shall be solely at the risk of the investor.