BSE Code ...... 531344 Target 1 .... ₹1420 | Target 2 .... ₹1450 | Stoploss ... ₹1290(CLS) ✓ Current Observation: The stock, after registering a high of Rs 1413 on September 11, 2017, entered into a corrective phase and it took support near its
✓ At present, the stock has witnessed breakout of downward sloping trendline, along with average volumes.
✓ The stock has moved above its 61.8% retracement of recent fall, which is positive for the stock.
✓ The stock has been trading above its important moving average, i.e. 21-day EMA.
✓ The daily 14-day RSI after taking support near 51 level is in rising trajectory now.
✓ The level of Rs 1290 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 1420-1450.
✓ Conclusion : Considering the breakout and the stock trading above its 21-day EMA, we recommend buying this stock for target price of Rs 1420-1450 with stop loss at Rs 1290 level.