Target Price: Rs 265
Stop Loss: Rs 215
Stop Loss: Rs 215
An impulsive move in the security was followed by a retracement, forming a falling wedge pattern. The decreasing volume during this retracement suggests a potential opportunity to enter the market after a breakout. A breakout on the upside, accompanied by a surge in volume, signifies a continuation of the uptrend in the security.
The Relative Strength Index (RSI) is trending upwards, indicating strength in the security’s price action. Additionally, a breakout of the falling trend line in the RSI further confirms the bullish momentum.
(Kunal Kamble, Sr. Technical Analyst, Bonanza Portfolio)
