Looks like the stock is on the way to the next orbit. Let us analyse the stock Technically.
STRUCTURE
The stock has been moving sideways almost for three months after being push below the 50 ema. Now the stock has been making a higher High and Higher Low and moved above the previous Price Rejection zone making a new High. Also, we can see subtle volatility contraction pattern.
STRENGTH
The supporting indicators like the Relative strength and absolute strength are supportive
The Money Flow and Buying pressure is positive
Volume adjusted Momentum is positive.
The Trend has an upward bias. The Moving average are well aligned one above the other.
WEAKNESS
The Volume support seen in the initial part the current up move has dwindled. However, on the weekly the volume support is positive.
SECTOR
The Banking sector is also showing positive bias. The Bank Nifty moved above the 200 DMA and is making a higher high from the recent bottom.
Considering all the above the stock is likely to go into the next higher orbit making newer high.
STRUCTURE
The stock has been moving sideways almost for three months after being push below the 50 ema. Now the stock has been making a higher High and Higher Low and moved above the previous Price Rejection zone making a new High. Also, we can see subtle volatility contraction pattern.
STRENGTH
The supporting indicators like the Relative strength and absolute strength are supportive
The Money Flow and Buying pressure is positive
Volume adjusted Momentum is positive.
The Trend has an upward bias. The Moving average are well aligned one above the other.
WEAKNESS
The Volume support seen in the initial part the current up move has dwindled. However, on the weekly the volume support is positive.
SECTOR
The Banking sector is also showing positive bias. The Bank Nifty moved above the 200 DMA and is making a higher high from the recent bottom.
Considering all the above the stock is likely to go into the next higher orbit making newer high.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.