Current Observation: The stock, after registering a low of around Rs 985.85 on October 26, 2018, witnessed an upmove. Thereafter, the stock was seen consolidating in a range for more than couple of weeks.
Recently, on the daily time frame, the stock had witnessed breakout of the consolidation range, along with a sizeable bullish candle and decent volumes.
The daily 14-period RSI has witnessed a crossover and it is trading in the bullish zone. The stock has been trading above its crucial short term moving average, i.e. 21-day
EMA and it is in the rising mode, which is positive for the stock.
Daily MACD stays bullish as it trades above its signal line.
For any immediate decline, the level of Rs 1190 is likely to act as a strong support and this could be maintained as a stop loss for long position. On the upside, the stock is likely to touch the level of Rs 1400, followed by Rs 1460
Conclusion: Considering that the stock has given breakout of consolidation range along with a sizeable bullish candle, we recommend buying this stock for the target price of Rs 1400, followed by Rs 1460, with stop loss of Rs 1190 on a closing basis.