The outlook is turning bulish for elgi equipments. The 4 per cent Rise on Tuesday indicates a trend reveresal. It has taken the share price well Above the trendline resistance level of ₹ 480. Thus, it marks the end of the downtrend that was in place since September last year.
Supports are at ₹ 490 and ₹ 480. Intermediate Dips Are Likely to see Fresh Buyers Coming Into The Market at Lower Levels and Limit the downside. Elgi Equipments Share Price Can Rise to ₹ 540 in the Coming Weeks.
Traders can buy Elgi Equipments Shares Now at ₹ 499. Accumulate on Dips at ₹ 490. Keep the stop-level ₹ 470. Trail the stop-level ₹ 510 when the price goes up to ₹ 520. Move the stop-Loss Further up to ₹ 520 when the share price touches ₹ 530. Exit the long positions at ₹ 540.
(Note: the recommendations are based on technical analysis. There is a risk of loss in trading.)
Published on May 28, 2025