Here's what charts indicate for the stock in the days ahead.
After witnessing massive a sell-off below 100-days moving average (DMA) in the past few sessions, the counter has managed to bounce back and now has a strong upside momentum. It not only reversed from the 200-day moving average (200-DMA) placed at Rs 1,369 levels, but the Relative Strength Index (RSI) that slipped into oversold territory is currently witnessing buying strength.
As the RSI is climbing above the oversold territory, a positive close above Rs 1,430 today should see a rally towards Rs 1,457 and then Rs 1,480 levels in the coming sessions. A bigger upside is capped beyond Rs 1,500 levels. However, a successful close above this level can take the counter towards Rs 1,617 levels, which is its lifetime high level. The overall trend looks optimistic till the counter trades above 200-DMA as per daily chart.