The stock traded in the green during Monday’s session despite a massive sell-off in the market. It hovers just above its 200 DSMA and DEMA levels. Additionally, we have witnessed multiple bottoms around 274, which suggests the possibility of a rebound from here. Therefore, traders can buy the stock near the 284-282 mark and stop at 274 for an upside target of 300 in 1-2 weeks.
The stock has recently corrected from a top of 275 to a recent bottom of 210 without any meaningful rebound. Hence, it has entered the oversold zone. The stock is at the support level of the ICHIMOKU indicator on both the daily weekly and monthly time frames. This shows that it is ready for a strong rebound. Therefore, we recommend traders to overweight stocks in the 222-218 range with a stop loss of 210 and an upside target of 236 in the next 1-2 weeks.
Complete News Source : Business Standard
