Stop loss: Rs 103
The stock has witnessed a decent erosion in recent times and has shown signs of bottoming out near Rs 104-106 and indicating a pullback with an improved bias to carry on the momentum. With the chart looking good amid a favourable risk-reward ratio, we expect the stock to yield decent returns. With the RSI also reversing from the highly oversold zone and showing a trend reversal to signal a buy, we suggest buying and accumulating this stock for an upside target of Rs 132 while keeping the stop loss at Rs 103.
(Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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