Price Action Analysis:
The stock gave a breakout a month ago over INR 600-620 zone. It continued the positive momentum for the next weeks and now is consolidating between INR 780-820. A breakout above this zone can take the stock above INR 900.
Moving Average:
The stock was trading around the 50 and 100 EMA for ~20 months. It gave a breakout above both averages supported by volumes. A time correction is likely to occur in the short term.
Bollinger Bands:
The stock was trading near the lower band in the month of June. A bullish momentum started 3 weeks ago and the stock moved above the upper band of the Bollinger band. The INR 810-820 zone can act as a resistance.
Mool’s Outlook
We anticipate a target of INR 930 in the stock in the next 6-8 months, which reflects a 12% upside in the stock.
Stop Loss should be maintained at 790
Disclaimer:
Mool Capital Limited is a SEBI Registered Research Analyst having registration no. INH000012449. This report has been prepared by Mool Capital Pvt. Ltd. and is solely for information of the recipient only. The report must not be used as a singular basis of any investment decision. The views herein are of a general nature and do not consider the risk appetite or the particular circumstances of an individual investor; readers are requested to take professional advice before investing. This document is not, and should not, be construed as an offer or solicitation of an offer, to buy or sell any securities or other financial instruments. This report should not be construed as an invitation or solicitation to do business with Mool Capital. Mool Capital and its affiliated company(ies), their directors and employees may; (a) from time to time, have a long or short position in, and buy or sell the securities of the company(ies) mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies) or may have any other potential conflict of interests with respect to any recommendation and other related information and opinions.
