The stock has undergone severe
correction in last two months. But with appearance of long legged ‘bullish
hammer’ after five impulse down, the stage is set for a corrective rally in the
stock. The momentum oscillators, both RSI and MACD are generating strong buy
signal from extremely oversold terrain and minimum retracement of atleast 38.2%
would ensure price up move till Rs240.
The volume has been phenomenal on Friday’s up move. We recommend buying stock in the range of Rs184-186 with stop loss of
Rs181 for Target of Rs196. (Duration 7 days)
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