The stock has indicated a rising trend and, after some consolidation, has improved the bias with decent volume participation. Currently, the RSI is also well placed and has strength to anticipate further upside move in the coming days. With the chart looking good, we suggest to buy and accumulate this stock for an upside target of 65-68.
BUY RITES | CMP: Rs 244.90 | Target: Rs 270-280 | Stop Loss: Rs 230
The stock has witnessed a decent correction recently and has bottomed out near 240 levels which is a strong support zone and has given a bullish candle pattern to improve the bias. Currently the RSI is also indicating a trend reversal to signal a buy from the oversold zone. With the chart looking attractive, we suggest to buy and accumulate this stock for an upside target of 270-280 keeping the stop loss of 230.
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Disclaimer: The author is a technical analyst with Prabhudas Lilladher. She may have positions in one or more stocks mentioned above. Views are personal.
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