On the weekly chart, the Bullish Engulfing line is confirmed this week, after the stock broke out from the resistance levels of Rs450. The above formation is further verified with the buy signal in the RSI.
The daily RSI exhibited the uptrend along with the increase in the price yesterday. A sustained move past the Rs465 levels will see the stock heading towards the levels of Rs490 and higher in the medium term.
Despite the ongoing volatility in the market, the stock has managed to hold on to the support of its short-term trendline.
We recommend traders to BUY the stock between Rs449-457 levels for an initial target of Rs480 with a stop loss of Rs442.