The stock is witnessing a breakout from its bullish flag pattern. Further buying momentum would be witnessed if the stock moves above 384. Breakout from the level of 384, which is immediate resistance, can lead the stock to higher levels. Considering the technical evidence discussed above, we recommend buying the stock above Rs 384 for the target of Rs 406, keeping a stop loss at Rs 369 on closing basis.
The stock is bouncing from its support placed in 800 sub-zone, Further, buying momentum would be witnessed if it moves above 835. Breakout from the level of 835, which is immediate resistance, can lead the stock to higher levels. We recommend buying the stock above Rs 835 for the target of Rs 892, keeping a stop loss at Rs 795 on closing basis.
Disclaimer: Gaurav Garg is Head of Research at CapitalVia Global Research Limited- Investment Advisor. The analyst does not hold position in any of the stocks mentioned above. Views expressed are personal.
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