"Investors are advised to buy the stock on declines towards 80 for a target price of 120-140 whereas existing shareholders can use 75 as trailing stop-loss," Bissa said.
Meanwhile, Pravesh Gour, Senior Technical Analyst at Swastika Investmart, said, "The counter is bottoming out and has also witnessed a breakout of an inverse head and shoulders formation pattern on the weekly chart. It has confirmed its breakout above Rs 90. The overall structure also looks lucrative for long-term investors as it trades above all-important moving averages."
"MACD supports the current strength, whereas the momentum indicator RSI is also positively poised. On the upside, Rs 100 is the psychological resistance level; above this, we can expect a rally towards Rs 114. On the downside, Rs 87 is an important support level during any correction," Pravesh said.
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