Average sales growth for the past 3 years is 7.5%. Average profit growth for the past 3 years is 25. Margins have increased by 12% yoy average. A company which is showing accelerated sales, profits and margin usually shows a sign of strength fundamentally, prices can go much higher from here.
There is an immediate resistance at 22270, which the scrip is trying to cross for a couple of dyas. Once it is crossed and the stock remains bullish, the stock may see a level of 26500 in intermediate term
Being in between the angles, supports and resistance lines are quite away from CMP and so the movement of the stock will be unhindered. Support 19500, target 21550-22000.
