According to the technical analyst from Anand Rathi, TATAMTRDVR is strongly poised to surge higher in the near future as the technical chart construes sturdy formation post its gap-up setup
2 min read Last Updated : Nov 09 2021 | 7:47 AM IST
BUY TATAMTRDVR
TARGET: Rs 286
STOP LOSS: Rs 256
TATAMTRDVR is strongly poised to surge higher in the near future as the technical chart construes sturdy formation post its gap-up setup. The stock is likely to have an ascending support line on the daily time frame which is being followed by a number of technical indicators suggesting the continuation of its uptrend. Even the placement of stock that is above all the major exponential moving averages and the mean of Bollinger band (20, 2) are well versed to showcase its potential.
KEC has corrected nearly 18 percent from its lifetime high and still managed to sustain above its 50-DEMA on the daily chart indicating strong demand near the current zone. Even from the past two trading sessions, the stock has gained momentum on the back of volumes supporting the bullish stance. On the oscillator front, 14-period RSI has headed northwards post positive crossover through the signal line affirming the bullish trend, and from a risk-reward point of view, the stock is placed in a lucrative zone for short term investors.
Osho Krishan is senior manager – Equity Research at Anand Rathi Shares & Stock Brokers. Views are personal.
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