The short-term ascending trendline yet again provided strong support to the stock on Monday. It did fell below the trendline during intra-day trades. However, it pulled back smartly from day’s low to close at days high with impressive volumes.
The stock is sitting on an important trendline support just above Rs530-535. Recent developments are building up the case that the uptrend from October’s low of Rs353 is likely to continue.
However, whether this is true or not, a rebound, should be due as daily oscillators continue to remain in a positive set-up. Traders are advised to stay long for a short-term delivery target of Rs620. It is advisable to maintain a stop loss of Rs535.