Price at bounce area, and if the bounce happens, it could form an Inverse head and shoulders, thus making it a good choice for even investors to buy this stock. First target expected around 3250 for traders, for investors, they need to be in this trade for a few months to reap good rewards.
The stock is in a strong up-trend. Daily RSI has come to its Oversold level, and the price is almost at the Moving Average support. Plan is to be on the side of the larger trend which is up. So the stock is expected to first go to 2550. Investors can hold the stock for a new high.
Grasim will be announcing its Quarterly Results today. Start of the day looks weak, giving a hint towards expected results. Corrections in the current up-move comes to 61.8 FR level, hence one can take an Intraday short trade for a target of 1100 with a stop loss of 1136.
The trend of the stock has been strong. At max, it can re-visit its recent low of 970, which should then be followed by a strong rally to see new all time highs. The price behavior is similar to what has happened earlier in the on-going upmove, so chances of it working seem high. Stop-loss would remain 970 and target would be anywhere around 2100.
Similar chart structure visible, because of which I think there are very high chances of the stock starting an up-swing from current price levels. The stock should see 1100 atleast going forward in a couple of months time.