The stock is witnessing resistance breakout from the levels of Rs 205. Further buying momentum would be witnessed if the stock moves above the mentioned level. Considering the technical evidence, we recommend buying the stock above Rs 205 for the target of Rs 218, keeping a stop loss at Rs 196 on closing basis.
The stock is forming hammer reversal candlestick pattern on daily charts. Trading above the level of 4,020 would result in upside momentum. If the stock breaks the level of 4020, it might push it into next resistance zone which is placed at 4,100. The stock is showing signs of strength on hourly charts. Breakout from the level would lead stock to witness more upward movement. We recommend buying the stock above Rs 4,020 for the target of Rs 4,170, keeping a stop loss at Rs 3,920 on closing basis.
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