Recommendation : Buy
Target : 24.40 & 25.40
Recommended Price : 23.40
Stop Loss: 22.90
STOCK SUMMARY:-
Major trend of stock is sideways on chart. It has traded in short term down trend in last few trading session. Now It has been showing a good accumulation at bottom with good volume. Now it is facing resistance at 23.40. We recommend the stock to buy the stock if it crosses its resistance of 23.40. One can keep the stop loss of its previous significance low of 22.90 and stock is likely move north ward in upcoming session and targets of 24.40 & 25.40 can be seen in short term,
CHART FORMATION:-
Stock was forming descending channel with the resistance of 50 DMA on hourly chart and now it has give upside breakout from its upper resistance line and likely to show northward movement in upcoming session as it is forming inverse head and shoulder.
INDICATORS:-
MACD Line is likely to cross its single line, which can bring upward momentum in the stock.
RSI is also trading above 50 mark on daily charts and showing conversion with prize trend.
On ADX positive DI Placed above negative DI and ADX is about to give breakout from 25 mark.
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