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Ob­ser­va­tion: A ma­jor re­sis­tance break­out at Rs 195, fol­lowed by con­sol­i­da­tion and a break­out there­after at Rs 200.

The stock hit above Rs 201.40 on a clos­ing ba­sis for the first time af­ter De­cem­ber 2015

At present, the stock has given a con­sol­i­da­tion break­out, hit­ting new 52-week high at Rs 208.50 with ris­ing vol­umes.

The stock sus­tained above the sup­port at 21-day

EMA level of Rs 184 dur­ing con­sol­i­da­tion.

The daily 14-day RSI is quot­ing at 68, which sug­gests some more mo­men­tum.

The levels of Rs 195, fol­lowed by 192, will act as strong sup­ports.

Con­clu­sion: Con­sid­er­ing a jus­ti­fi­able pro­longed con­sol­i­da­tion break­out, we rec­om­mend buy­ing this stock in the range of Rs 206.50-203.50 for tar­get price of Rs 222, fol­lowed by Rs 231, with stop loss at Rs 195 level.

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