Technically, the stock has broken out of its 8-day consolidation. Interestingly, all moving averages are in an uptrend and exhibit bullishness across all timeframes. The 14-day RSI (70.96) has entered super bullish territory and indicates strong strength. MACD has indicated a bullish crossover while rising ADX (43.95) shows strong upside potential. Relative strength (RS) lies in the bullish zone and shows the stock’s outperformance against the broader market. The 20-DMA level of Rs 585 will act as immediate support, while the mid-term resistance at Rs 700 is expected to be tested for bullishness going forward.
The stock has already generated nearly 30% return to its shareholders this month. Traders can keep this stock in their watchlist to track its further development.
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