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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.

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