₹1,020 level and has also shown a trend reversal with an improvement in the bias. "A further rise is anticipated with the next initial target of ₹1,070 and a further strength sustained can carry it to ₹1,170 level in the coming days. The support could be maintained near ₹980 level of the triangular pattern lower trendline zone," said Parekh.
The stock has been consolidating for quite some time at around ₹1,400 level, just above the 200 DMA (daily moving average) which is at the ₹1,370 level. The bullish candle formed now indicates a positive bias with more upward potential. "The volume participation has been decent and with the RSI also indicating a trend reversal signalling a buy, we recommend this stock for a buy for an upside target of ₹1,500, keeping a stop loss of ₹1,350," Parekh said.
The stock is making a higher bottom formation pattern on the daily chart and is heading for a breakout above the previous peak of ₹910 level. The RSI is indicating a trend reversal and signalling a buy with a positive bias. "With good volume participation, we recommend a buy in this stock for an upside target of ₹1,000 keeping a stop loss of ₹865," Parekh said.
For the last year, this counter has been consolidating in the range of ₹100-120 approximately. Recently, it gave a clean breakout along with heavy volume which hints towards further upside in the counter. Additionally, on a weekly scale, MACD is displaying a bullish crossover exactly above the zero line which is a sign of further bullish momentum.
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