The stock had a spectacular November month as it rallied from the levels of Rs 1,220 to Rs 1,530. However, after such a strong up move, the oscillators went into a deep overbought territory.
Hence, December month has been more of a consolidation phase. We are now witnessing a ‘Pole and Flag’ formation on the daily chart, indicating the continuation of the bullish pattern.
The momentum oscillator i.e. RSI smoothened. After a recent price correction, the stock is out of the overbought territory, indicating a strong potential up move in the near term.
In addition, we are witnessing a fresh bullish crossover between 50-DMA and 89-DMA, suggesting a strong momentum up move in the near term.
Looking at all the above scenario, the analyst recommends a buy into this counter at current levels for a target of Rs 1,546 over the next 14 sessions. A stop loss can be kept at Rs 1,448.
Hence, December month has been more of a consolidation phase. We are now witnessing a ‘Pole and Flag’ formation on the daily chart, indicating the continuation of the bullish pattern.
The momentum oscillator i.e. RSI smoothened. After a recent price correction, the stock is out of the overbought territory, indicating a strong potential up move in the near term.
In addition, we are witnessing a fresh bullish crossover between 50-DMA and 89-DMA, suggesting a strong momentum up move in the near term.
Looking at all the above scenario, the analyst recommends a buy into this counter at current levels for a target of Rs 1,546 over the next 14 sessions. A stop loss can be kept at Rs 1,448.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.