Stop Loss: Rs 798
After a strong run, the PolicyBazaar parent started trading in the consolidation range, where it took a pause near the hurdle mark. In the previous trading session, bulls managed to close above the higher band and we observed a breakout of the pennant formation.
On the Relative Strength Index, the RSI is hovering around the overbought area, which supports the bullish trend. The stock is trading above the important EMAs, which confirms the bullishness in the script. For the coming period, if bulls manage to sustain above 825 marks, another round of buying can be observed and immediate support could be 800.
(Virat Jagad, Technical Analyst, Bonanza Portfolio)