The counter was discussed in the previous post of 200 DMA Strategy. It bounced nicely from 200 DMA and broke the resistance of 1875, since then it has not closed below the same level. And now the second resistance area around 1938 is broken on a closing basis. 20 DMA has crossed the 50 DMA from below which is a quite bullish signal. The counter has given an Ascending Triangle break out today. Weekly chart structure too has improved a lot. MACD on a weekly chart has turned bullish above zero line with RSI above 60 levels which clearly suggests a strong momentum for a medium term. The earlier 52 week high is now vulnerable and stock may move beyond 2000 levels. The theoretical target as per the Ascending Triangle chart pattern comes around 2058. Let us see how things work out.
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