Last week, the stock was very volatile and advanced marginally by 1 per cent. It recorded an intra-week high at Rs.318 levels. After testing the significant resistance at Rs.318, the stock started to decline.
Nevertheless, it has a key resistance at Rs.300. A strong fall below this level will pave the way for a decline to Rs.285 and then to Rs.273 in the short term. The relative strength index on the daily chart features in the neutral region.
Traders with a short-term view must stay vigilant and initiate fresh short position only if the stock falls below Rs.300 levels. On the upside, a conclusive rally above Rs.318 can alter the stock’s short-term downtrend and reinforce bullish momentum to push the stock northwards to Rs.331.
Such a rally will give buying opportunity for the short-term traders. Subsequent resistances are at Rs.342 and Rs.350 levels.
No comments:
Post a Comment