Last week, the stock managed to advance 3.4 per cent. It continues to move sideways in a broad range between Rs.200 and Rs.255 in the short-term.
A strong rally above the 200-day moving average and a key resistance at the level of Rs.235 can take the stock upwards to Rs.255.
Traders can buy on a strong rally above Rs.235, with a fixed stop-loss for the target of Rs.255. Medium as well as intermediate-term trends for the stock are down.
It has been on a medium-term downtrend from its May high of Rs.384. On the other hand, failure to rally above the level of Rs.235 can pull the stock down to Rs.215 initially and then to Rs.200 in the short term.
The stock has key supports below Rs.200 at the levels of Rs.185 and ₹165. Significant resistances to watch above Rs.255 are at Rs.265 and Rs.285 levels.
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