Flash News Investment - - TECHNICALS -

Cur­rent Ob­ser­va­tion: The stock, af­ter reg­is­ter­ing a high of Rs 159.75 on June 19, 2017, en­tered into cor­rec­tion phase. There­after, the stock made a low of Rs 129.

At present, the stock has wit­nessed break­out of down­ward slop­ing trend­line joined from the high of Rs 159.75, along with higher vol­umes.

The stock has been trad­ing above its im­por­tant mov­ing av­er­age, i.e. 100-day EMA.

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

The level of Rs 142 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 155-160.

Con­clu­sion: Con­sid­er­ing the break­out of down­ward slop­ing trend­line and the stock trad­ing above its 100-day EMA, we rec­om­mend buy­ing this stock for the tar­get price of Rs 155-160 with stop loss at Rs 143 level.

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