Like other diagnostic stocks, even METROPOLIS was under corrective mode since many months.
In the recent session, the stock has confirmed a higher top formation on the daily scale. Also we are witnessing a double bottom formation and that indicates formation of bottom.
Thus, we advise traders to buy the stock near Rs 1,480 for a target of Rs 1,620 in the coming sessions.
After consolidating in a range for more than three months, Raymond finally managed to confirm a breakout above Rs 1,015 mark. The price action was supported with enough volumes and we all witnessed major breakout in daily RSI (14).
Thus, we advise traders to buy the stock near Rs 1,020 for a target of Rs 1,100 in the coming sessions.
(Mehul Kothari - AVP – Technical Research, Anand Rathi Shares & Stock Brokers. Views are personal).
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