After witnessing a sharp
decline since May this year UPL
has managed to stage a slow but steady revival . The daily charts
reveal a steady trended action that is seen generating a demand at every pullback. The ascending trendline
support suggests that the uptrend is intact and we could see more upside as value area resistance around 600 has been overcome. With the RSI
also rebounding from the neutral zone one could expect that the bullish
bias could persist and one should look to participate at current levels for an upside towards 645. One could also look at dips towards 590 as an additional / alternate levels to buy into. The stop for the trade would be below 580 at the time of initiation.
Idea sourced from NeoTrader