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| Technical Chart |
Recommendation
Buy
Target
: 26 & 28
Recommended
Price : 24.20
Stop
Loss: 23
STOCK
SUMMARY:-
Major
trend of stock is sideways on chart. It has traded in short term
sideways trend with positive biasness with support of 50 DMA in last
3 weekly trading session. It has shown good accumulation and it has
been showing a good accumulation at bottom with good volume. Now it
is facing resistance at 24.20 We recommend the stock to buy the
stock if it crosses its resistance of 24.20. One can keep the stop
loss at 23 and stock is likely move north ward in upcoming session
and targets of 26 & 27 can be seen in short term.
CHART FORMATION:-
Stock
was forming symmetrical triangle with the support 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 symmetrical triangle.
INDICATORS:-
MACD
Line is likely to cross its single line, which can bring upward
momentum in the stock.
ADX
is trading above 25 mark with positive DI placed above its negative
DI showing.
RSI
is trading above 50 mark showing that stock may remain bullish in
upcoming session.
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