The stock had witnessed a five wave impulsive rise in March 2023 which went on till Aug 2023. The impulse drove the price of the stock up by 76% from March bottom.
This phase was then followed by a three month long correction(zig-zag or ABC) leading to a 50% retracement of the gains made during the impulsive wave.
Now that the corrective phase is over, the stock has slowly started making minor waves to the upside to unfold a major wave 3 that can be projected going towards the INR 210-220 zone(55-60% from CMP).
The stock closed at a +4.26% gain on Tuesday's session alongside massive uptick in volumes - signs of fresh buying.