Stop Loss: Rs 2300
The stock is poised for a breakout from a rounding bottom formation observed on the weekly chart, indicating a potential bullish trend reversal. This sentiment is further supported by the momentum indicator RSI, which has recently given a positive crossover and surpassed the key level of 60, confirming the bullish momentum.
Additionally, the stock has demonstrated a strong reversal from its 20-day moving average (20DMA) at 2300, suggesting solid support and acting as a cushion for bullish traders.
(Kunal Shah, Senior Technical & Derivative Analyst, LKP Securities)