On the daily charts, the stock gave an upside breakout in Thursday’s trading session. It suggests that the sideways range is about to end and may reverse into an uptrend.
On Thursday, 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.
Moreover, the stock has given a close above its 34-DMA. The other supportive technical oscillators are positive and the up move may extend to the levels of Rs90. It is advisable to maintain a stop loss of Rs79 on all long positions.