The stock at present is in middle of the formation of a long term flag and pole chart pattern. The long term resistance line was broken and acted as support for the past 6 months. Now at present a triangular flag is forming whose lower support trendline was broken on daily chart
. However another horizontal support at around Rs
84 is acting as a good demand zone
. In addition, Rs
84 comes around 0.5 Fib levels which is another strong support. Due to this, the breakdown from the lower support trendline of the flag could be a FALSE breakdown.
Buy at CMP
SL - Below 82
Target - 100
This is only for educational purposes and not a buy/sell recommendation. Please consult your financial advisor before taking any decision.