The stock found support at ₹56 in March 2020. Since then, it has been in an intermediate-term uptrend. The support band between ₹93 and ₹95 had cushioned the stock between January and April this year. Subsequently, the stock resumed to trend upwards. But it met with a resistance at around ₹115 in June and started to move sideways.
On Friday, the stock gained 6.4 per cent accompanied by extraordinary volume and closed slightly above the resistance of ₹115. The daily relative strength index has entered the bullish zone from the neutral region. The stock has potential to extend the uptrend. So, investors can buy with stop-loss at ₹107; targets at ₹126 and ₹134.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.