The counter gave false break out on a daily chart around 980 levels and witnessed a vertical fall from there. It found support around 811 levels and started steady recovery. It seems that the counter has formed a strong base around 825 levels during recent past. The increased volumes around its crucial support area of 790 levels indicates accumulation. The risk-reward ratio that the counter offers at current level seems to be quite favorable. Traders can exploit the opportunity by resorting to buy on dips strategy applying closing stop loss of 790 for the possible upside move up to 945-955 in a medium term.
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