BOOK PROFIT
The stock had been consolidating in a narrow range between Rs1,378-1,310 since last two weeks alongwith the support of 50-DMA. On Wednesday, the stock attempted to break out from the upper-end of this trading range with higher-than-average volumes. From the current level, the stock can only move towards one direction, i.e. upwards. The daily RSI has also given a positive divergence, indicating that price would start moving up after facing stiff resistance around the levels of Rs1,375-1,378 zone. We recommend buy on the stock from the above mentioned technical observations. Maintain a stop loss of Rs1,340 and go long for a target of Rs1,450 in the coming trading sessions.
The stock had been consolidating in a narrow range between Rs1,378-1,310 since last two weeks alongwith the support of 50-DMA. On Wednesday, the stock attempted to break out from the upper-end of this trading range with higher-than-average volumes. From the current level, the stock can only move towards one direction, i.e. upwards. The daily RSI has also given a positive divergence, indicating that price would start moving up after facing stiff resistance around the levels of Rs1,375-1,378 zone. We recommend buy on the stock from the above mentioned technical observations. Maintain a stop loss of Rs1,340 and go long for a target of Rs1,450 in the coming trading sessions.
