Price Action Analysis:
The stock bounced from the 1,375 - 1,400 support zone. The stock broke the short-term resistance at INR 1,500 and closed at INR 1,530 on Friday 7th June. A gap-filling momentum is anticipated in the next 2 weeks which can take the stock above INR 1,550.
Moving Average:
After trading below the 20 and 50 EMA for the last 2 months, the stock rose over the EMAs and closed with above-average volumes. The INR 1,450-1,470 zone can be a strong support in the near term.
Bollinger Bands:
The stock closed above the upper band with a strong green candle. The Bollinger band levels can be used to find a buying opportunity i.e. Buy on Dips around INR 1,500
Mool’s Outlook:
We anticipate a target of INR 1,690 in the stock in the next 6-8 months, which reflects a 11% upside in the stock.
Stop Loss should be maintained at INR 1,490
Disclaimer:
Mool Capital Limited is a SEBI Registered Research Analyst having registration no. INH000012449. This report has been prepared by Mool Capital Pvt. Ltd. and is solely for information of the recipient only. The report must not be used as a singular basis of any investment decision. The views herein are of a general nature and do not consider the risk appetite or the particular circumstances of an individual investor; readers are requested to take professional advice before investing. This document is not, and should not, be construed as an offer or solicitation of an offer, to buy or sell any securities or other financial instruments. This report should not be construed as an invitation or solicitation to do business with Mool Capital. Mool Capital and its affiliated company(ies), their directors and employees may; (a) from time to time, have a long or short position in, and buy or sell the securities of the company(ies) mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies) or may have any other potential conflict of interests with respect to any recommendation and other related information and opinions.
