Since Monday it tested if resistance has turned to support..?
Today if it closes above 160, the new support has been held & higher prices can be expected.
Also the has been fairly resilient towards not moving below 50, a typical sign of a stock in trend reacting to ocillators.
Secondary logic is that since Nifty is adamantly moving Higher & Higher, the VIX is going to increase as fear grips traders while Investors are starved of value buying.
What safe heaven can be better than a stock that lends against gold ..? Which would appreciate even if the Index was to consolidate or correct itself.
I think it is a good trade as well as an investment pick from a mid term perspective.
Buy for Targets of 114, keep a SL at 102.