Stop Loss: Rs 268
Target: Rs 294

On the daily chart, the stock is displaying a clear higher top and higher bottom formation, indicating a well-established uptrend. During a small retracement phase, the stock found strong support near its 38.2 percent Fibonacci retracement level, from where sharp buying interest emerged, and a follow-up move was also seen in Monday’s session, confirming strength at lower levels. On the weekly chart, a hidden bullish divergence is forming, which signals continuation of the prevailing upward momentum. Additionally, the stock is trading above its key short-term moving averages, namely the 20-day and 50-day SMA, with RSI in a bullish crossover, further strengthening the positive outlook.

(Vatsal Bhuva, Technical Analyst at LKP Securities)

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