The stock gained traction recently after entering the basket of F&O. It found support at 200 day moving average and recently confirmed a fresh breakout. The pattern resembles bullish FLAG with a target of 290. Traders can buy the stock only on dips near 250-mark with a stop loss of 240 for upside target of 270 in 1 – 2 weeks.
BUY ROUTE | TARGET: 2100| STOP LOSS: 1800
The counter corrected from the peak of 2,400 towards the 1,700 mark in the past few months. Then, the stock found support near 200 DEMA and 200 DSMA. Now, it is trading above that long term moving average and we are witnessing an inverse head and shoulder pattern on the daily chart. Traders can buy the stock on dips near 1,900 with a stop loss of 1,800 for upside target of 2,100 in 3 – 5 weeks.
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Disclaimer: Mehul Kothari - AVP – Technical Research, Anand Rathi Shares & Stock Brokers. Views are personal.
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