Traders can accumulate the stock in the range of Rs 298-303 for the target of Rs 337 with a stop loss below Rs 284, says Rupak De of Bonanza Portfolio.
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Rupak De
Bonanza Portfolio
The stock price has given a rectangle breakout on the weekly chart which suggests growing optimism in the stock.
In addition, the price has moved above its inflection point on the daily chart which again points for a bullish shift in price trend. Weekly RSI (14) is in an ascending mode.
In addition, daily MACD is in Buy mode. Traders can accumulate the stock in the range of Rs 298-303 for the target of Rs 337 with a stop loss below Rs 284.
Disclaimer: The author is a Technical Research Analyst at Bonanza Portfolio Ltd. The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.First Published on Aug 2, 2018 11:15 am