Flash News Investment - - TECHNICALS -

Cur­rent Ob­ser­va­tion: The stock had faced strong re­sis­tance around the lev­els of Rs 122.5-124.5 since the sec­ond week of June 2018. Presently, the stock has man­aged to give a break­out of hor­i­zon­tal trend­line along with ro­bust vol­umes. The stock is trad­ing above its im­por­tant short term mov­ing av­er­age, i.e. 21-day EMA. The RSI on the daily chart is in a ris­ing tra­jec­tory and trad­ing in bullish ter­ri­tory. Daily MACD is bullish as it is trad­ing above its sig­nal line. The level of Rs 117 is likely to act as a strong sup­port for the stock and this can be main­tained as a stop loss. On the up­side, the stock is likely to touch the lev­els of Rs 133-135. Con­clu­sion: We ex­pect the stock to con­tinue with its up­move and head to­wards Rs 133-135 in the short-medium term. Traders can keep a stop loss of Rs 117 for this trade.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.