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The stock of Amara Raja Energy & Mobility witnessed a sharp rally in April. But after registering a record high of ₹1,202 towards the end of last month, it lost some momentum. In the last three weeks, there has been a moderation in price. However, early this week, the stock bounced off the key ₹1,000-mark. On the daily chart, the scrip has formed a morning star candlestick pattern, indicating that the uptrend is set to resume.
In the near-term, we anticipate a quick rally to ₹1,200, a potential buying opportunity. One can go long now at ₹1,090 and accumulate if there is a price fall to ₹1,050. Place initial stop-loss at ₹1,000. When the price touches ₹1,150, raise the stop-loss to ₹1,100. Exit at ₹1,200.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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