Flash News Investment - - TECHNICALS -

Cur­rent Ob­ser­va­tion: The stock, af­ter reg­is­ter­ing a high of Rs 265.20 on July 27, 2017, en­tered into cor­rec­tion phase. There­after, the stock made a low of Rs 233.70.

At present, the stock has wit­nessed break­out of cup and han­dle-like pat­tern, along with higher vol­umes.

The stock has been trad­ing above its im­por­tant mov­ing av­er­age, i.e. 50-day EMA.

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

The level of Rs 253 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 the lev­els of Rs 280-286.

Con­clu­sion: Con­sid­er­ing the break­out of cup and han­dle-like pat­tern and the stock trad­ing above its 50-day EMA, we ec­om­mend buy­ing this stock for the tar­get price of Rs 280-286 with stop loss at Rs 253 level.


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