The stock has witnessed a decent correction from Rs 222-level and has taken support near Rs 167-level to indicate a reversal with positive candle pattern. The RSI indicator has also indicated a trend reversal from the oversold zone to signal a buy and has potential to rise further. With the chart looking attractive, we suggest to buy this stock for an upside target of Rs 210 keeping the stop loss at Rs 164.
The stock has picked up decently from the significant 50-EMA level of Rs 770 and currently trades with a strong bias. Further, on a breakout above Rs 820-level, it is anticipated to carry on the momentum still further upside. The RSI is also well placed and indicating strength and potential for further upward move. We suggest to buy this stock for an upside target of Rs 890 keeping the stop loss at Rs 765.
Disclaimer: The author is a technical analyst with Prabhudas Lilladher. She may have positions in one or more stocks mentioned above. Views are personal.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.