The short-term outlook is bullish for Redington. The stock has been in an uptrend since the last week of October. The share price rose above the 200-Day Moving Average last week. The 3.5 per cent rise on Wednesday indicates the resumption on the uptrend after a short consolidation. Support is in the ₹207-₹202 region. Intermediate dips are likely to be limited. Moving average cross over on the daily chart also strengthens the bullish case. Redington share price can rise to ₹240 in the next few weeks. Traders can go long now at ₹214. Accumulate on dips at ₹208. Keep the stop-loss at ₹197. Trail the stop-loss upto ₹220 as soon as the stock goes up to ₹226. Move the stop-loss further up to ₹232 when the price touches ₹236. Exit the long positions at ₹240.

Video Credit: Businessline

(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)