Flash News Investment - - TECHNICALS -

Cur­rent Ob­ser­va­tion: The stock, af­ter reg­is­ter­ing a high of Rs 273.60 in the month of March, 2016, en­tered into a down­trend.

At present, the stock has wit­nessed break­out of 'cup and han­dle'-like pat­tern on the weekly time frame along with de­cent vol­umes.

The stock has been trad­ing above its short term mov­ing av­er­age, i.e. 21-day EMA.

The daily 14-day RSI is trend­ing up and trad­ing in the bullish zone.

The level of Rs 265 is likely to act as a strong sup­port and this could be main­tained as a stop loss for long po­si­tions.

On the up­side, the stock is likely to touch lev­els of Rs 290-300.

Con­clu­sion: Con­sid­er­ing the break­out of 'cup and han­dle-like pat­tern on the weekly time frame and the stock trad­ing above its 21-day EMA, we rec­om­mend buy­ing this stock for tar­get price of Rs 290-300, with stop loss at Rs 265 level.

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