Technically, the stock has registered a strong price volume breakout from its consolidation pattern. Along with this, it is trading above all its key short and long term moving averages. The 50-DMA has crossed above its 20-DMA and indicates medium-term positivity. Volume rose for the third day in a row and buying activity increased in the stock. The 14-period RSI (57.39) has crossed above its previous swing high and indicates strong strength in the stock. The MACD line has crossed above its signal line and shows bullish momentum. Overall, the stock exhibits a bullish trend in a weak market, which may attract traders for the upcoming trading session.
Medium-term resistance is located in the Rs 66-67 level zone and immediate support is placed at Rs 62 level. Momentum traders can include it in their watchlist to track further developments in the stock.
This article is powered by ‘Dalal Street Investment Journal’, India’s No 1 investment magazine. To be regularly updated about winning stocks and recommendations do join by clicking here.
Disclaimer : This above is third party content and TIL hereby disclaims any and all warranties, express or implied, relating to the same. TIL does not guarantee, vouch for or endorse any of the above content or its accuracy nor is responsible for it in any manner whatsoever. The content does not constitute any investment advice or solicitation of any kind. Users are advised to check with certified experts before taking any investment decision and take all steps necessary to ascertain that any information and content provided is correct, updated and verified.