Long-term investors can buy the shares of Supreme Petrochem (₹705) at current levels. The downtrend that was in place since August last year has ended. A long-term trendline support near ₹520 halted the downtrend in March this year. The share price has risen very well from there indicating a trend reversal. The recent rise above ₹680 confirms a double-bottom reversal pattern. Moving average crossovers on the daily chart also strengthens the bullish case. Support is there in the ₹680-630 region. Intermediate dips below ₹700 if seen are likely to bring fresh buyers into the market at lower levels and limit the downside. Supreme Petrochem share price can rise to ₹1,000 over the next one year. Long-term investors can buy Supreme Petrochem now at ₹705. Accumulate on dips at ₹670. Keep the stop-loss at ₹510. Trail the stop-loss up to ₹730 when the price goes up to ₹820. Move the stop-loss further up to ₹830 and ₹880 when the price touches ₹870 and ₹920 respectively. Exit the stock at ₹1,000. This bullish view will go wrong only if the share price declines below the trendline support level of ₹520. If that happens, a fall to ₹480 and even ₹400 can be seen. But the price action on the chart indicates that a fall below ₹630 is unlikely.

Published on May 25, 2025

This article first appeared on The Hindu Business Line

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