Usually, after such a big surge it is unlikely that the stock gets dragged down atleast over a period of short-term horizon. In fact, the stock is expected to register incremental gains over a period of time once the consolidation phase is over. High Risk traders can initiate long position in the counter at current levels with a stop loss of Rs.1520 and target as mentioned below:
Aban Offshore: High Risk Short-term Trade
Accumulation Zone: Rs.1560-1590
Stop Loss (SL): Rs.1520/-
Targets: T1 1670, T2 1785
Note: This trading call has been tagged as 'High Risk' Trading call not due to its sharply surged stock price in recent past, but due to the reason that the Support and Stop loss levels for this stock are placed quite near to the current market levels. Looking at the highly volatile fluctuation in the stock price of Aban Offshore after a huge surge, a fluctuation of 3-4% in the stock price on either side can't be ruled out during a volatile market session.
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