Upper trendline which was acting as resistance is possibly acting as support now & since the price is near support level, it is a good idea to go Long in this stock. Excellent fundamentals & results to be declared shortly, so expecting a rally in near future. For safe traders, please wait for entry above 2951 on closing basis.
Possible targets - 3050 followed by 3220
SL - Below 2780 in closing basis.
Possible targets - 3050 followed by 3220
SL - Below 2780 in closing basis.
Note
Tried to give a breakout. Reached high of 3020 but due to turbulence in market, it closed at 2920 which is still above the mentioned trendline. Waiting for a close above 2951 for next level targets.Note
Didn't work out as per chart. It didn't take support at the upper trend line & is now back at the lower support line. This is probably due to the current market scenario & heavy profit booking.Let's see if it bounces from the lower trend line.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.