Stock to buy today: EID Parry (₹807.45)

EID Parry stock is in a long-term uptrend. The last leg of the rally started in April this year following the support at ₹540. But since mid-June, the stock has been trading within the sideways band of ₹745 and ₹850. Within these boundaries, there is resistance at ₹800. This week, the stock broke above this level, which allowed it to retest the top of the ₹850 range.

Although the price fell on Thursday, the stock remains above ₹800 and is likely to hit ₹850 soon. So, traders looking for short term opportunities can buy EID Parry now at ₹807. Place a stop loss at ₹790. When the stock hits ₹835, tighten the stop loss to ₹810. Book your profits at ₹850.

(Note: Recommendations are based on technical analysis. There is a risk of loss when trading.)