As we can clearly notice that the stock has taken support

As we can clearly notice that the stock has taken support at multiple levels and the short term RSI has got oversold. The volumes on the falling candles is not too great. All these indicate that the move down may be corrective. The RSI is into bullish zone with MACD above 50 levels. This also indicates strength. 501 – 502 may be seen as a minor resistance above which the stock can move towards 528, 540 & 546 levels with strength. However a move below 492 levels will negate the bullish view and the stock may hover sideways or even correct from the current levels.
Bharat Jhunjhunwala


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