The stock of was in a downtrend in January and February. But the chart shows that in March, the bears lost momentum and the scrip formed a good base at around ₹1,770. It has now rebounded on the back of this. The price is now above both 21- and 50-day moving averages and the stock recently surpassed a resistance at ₹1,870. In the coming sessions, there could be a price correction, possibly to ₹1,850. But then, we expect the stock to regain bullish momentum and eventually appreciate to ₹2,120 in the coming weeks.
Video Credit: Businessline
So, traders can buy the stock now at ₹1,886 and accumulate at ₹1,850. Place stop-loss at ₹1,800. When the price rises to ₹2,000 and ₹2,060, raise the stop-loss to ₹1,900 and ₹1,980, respectively. Book profits at ₹2,120.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)