Stop Loss: Rs 4,715
The stock has given a breakout of the “Falling Supply Channel” and gained the upper band of the pattern, indicating an upward direction in the stock for short to medium term. On a weekly scale, the price has also settled above the middle Bollinger Band formation, which suggests a bullish trend for the medium term. In addition, Technical Ichimoku cloud suggest that the price is trading above the cloud, which shows a positive trend in the counter.
(Vishal Wagh, Research Head, Bonanza Portfolio)
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