On the daily charts, the stock gave an upside breakout in Monday’s trading session. It suggests that the sideways range is about to end. On Monday, the stock rallied by over 3% confirming the bullish set up.
We continue to remain positive on the stock from technical perspective, as the stock has managed to hold on to its short-term support trendline in ongoing market volatility.
The daily momentum oscillators i.e. RSI and MACD are suggesting strength in the upmove. A move above Rs540, could take the stock above Rs570 in the near term.
Keeping in mind the above-mentioned observations, we suggest traders to BUY the stock in the range of Rs532-540 with a stop loss placed at Rs522 levels for an initial target of Rs575.