"After the breakout of the long trend line and triangle pattern formation on the longer timeframe, the counter has shown profit booking from the higher levels. Now it has retested its previous breakout levels at around Rs. 2420. The structure of the counter is still lucrative for long-term investors as it is trading above its important moving averages (100 and 200 DMA). MACD (moving average convergence divergence) supports the current strength, whereas the momentum indicator RSI (relative strength index) is also positively poised. On the upside, Rs. 2550 is an immediate hurdle; above this, we can expect a move towards Rs. 2630. On the downside, Rs. 2420 is a strong demand zone during any correction, said Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd.Read more at:
