On the technical chart, the stock has moved above its 13-week base on average volume. Along with this, it is trading above all its key moving averages and has formed a strong bullish bar. The volume is found to be higher than the 30-day and 50-day average volume thus indicating large trading activity in the stock. The 14-period daily RSI (68.74) is in bullish territory and indicates strong strength for the stock. MACD indicated a bullish crossover a few days ago and shows good upside momentum. The stock is currently about 6% above its 50-DMA and about 13% above its 200-DMA.
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The immediate resistance is at the all-time high of Rs 2140, following which the stock may move higher. Meanwhile, the 20-DMA level of Rs 2185 will act as strong support. Momentum traders should keep a close eye on this stock for the upcoming trading session.
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