The counter has been in lime light for the last few weeks and lot of buzz is going around it. The recent wild gyrations must have scared even the most experienced traders or investors. However as with the passage of time things seem to be settling down our team took an opportunity to offer a technical view on the counter which may prove useful to the traders.
The counter has been flirting with its 200 DMA during most recent past. However it again gained its 200 DMA with bang i.e. with a gap up opening. The counter is also trading above its 20 & 50 DMA and 20 DMA has crossed 50 DMA. During today's session 20 DMA has kissed 200 DMA. On a daily time frame MACD has turned bullish above zero line with RSI above 60. On a weekly time frame the counter has formed a strong bullish candle so far and has given a close above its 200 WMA. All these technical factors are clearly giving strong bullish signal for the short to medium term. In view of these technical observations we expect the counter to witness strong momentum in Northward direction. Traders can bet on the counter with SL below 150 for the TGTs of 172-178.
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