The stock bounced back from it Fibonacci retracement of more than 0.618 of 1370.45 as of 20th March 2023, from its all time high of 2182.75 reached on 16th Nov 2021, falling more than 37% from it all time high.
The stock had bounced to 1771.45 on 8th Aug 2023 and back to a low of 1530 on 9th Nov 2023.
Since then the stock has broken out of its downward trend line on the daily chart on 15th Nov 2023 with more volumes than the previous day and is now trading at 1603.06 as on 16th Nov 2023.
INFERENCE:
The Stock can be bought at these levels and accumulated if it drops further with a STOP LOSS around 1550 levels.
The stock looks good for a decent capital appreciation in the long run.
TARGET: We can expect a medium term (4 to 6Months) target of around 1900/-
The stock should show strength once it crosses the weekly downward trend line. The company has been paying dividends regularly but the yield is less than 1%
The stock had bounced to 1771.45 on 8th Aug 2023 and back to a low of 1530 on 9th Nov 2023.
Since then the stock has broken out of its downward trend line on the daily chart on 15th Nov 2023 with more volumes than the previous day and is now trading at 1603.06 as on 16th Nov 2023.
INFERENCE:
The Stock can be bought at these levels and accumulated if it drops further with a STOP LOSS around 1550 levels.
The stock looks good for a decent capital appreciation in the long run.
TARGET: We can expect a medium term (4 to 6Months) target of around 1900/-
The stock should show strength once it crosses the weekly downward trend line. The company has been paying dividends regularly but the yield is less than 1%