The stock of Shyam Metalics and Energy has been in a steady uptrend since April. The Uptrend was established on the back of the support at ₹750. A couple of weeks back, the stock broke out of a key resistance at ₹1,110 and rose to mark a fresh high of ₹1,240.

Video Credit: Businessline

But then the price moderated. However, the broader uptrend remains intact. Even though there might be a decline from the current level, we expect the scrip to resume the rally on the back of the support band of ₹1,070-1,110.

It can touch ₹1,300. Traders can buy now at ₹1,163 and accumulate at ₹1,110. Place stop-loss at ₹1,050. When the stock hits ₹1,220 and ₹1,275, alter the stop-loss to ₹1,170 and ₹1,240 respectively. Book profits at…