Price Action Analysis:
The stock gave a fresh breakout above 2900 in the last week. The stock created a higher low pattern on the weekly chart which reflects a strong bullish momentum.
Moving Average:
The stock has been trading above the 50 and 20 EMA for the last 5 months. The 20 EMA level can act as a strong support in the upcoming weeks.
Bollinger Bands:
The stock successfully broke the band with average volume which reflects a fresh breakout. The middle band is at 2,700 which will act as a critical support.
Mool’s Outlook:
We anticipate a target of 3,450 in the stock in the next 6-8 months, which reflects a 14% upside in the stock. This stock can be added on every dip around 2,800-2,900 levels
Stop Loss should be maintained at INR 2550.
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.
