The stock had recently made a Cup and Handle formation on its weekly chart, However, weekly closing has not been over 168, which indicates the fact that stock is likely to retraced till 143 level to get start for another rally towards its Cup and Handle formation target price of Rs. 176.
Recently the HH was around 173. accumulation the stock between 143-155 levels is recommended.
Once weekly closing is above 168, the stock is likely to test its resistance level around 198. If the stock is accumulated at an average price of 150ish, 32% gain can be expected if the stock tested its previous resistance at 198, breaking out 198 level would trigger the next resistance of 226. This movement is expected to be captured by the stock within next 12 months when the stock is likely to break its historical high of 304.75
Stop loss can be kept around 122
Recently the HH was around 173. accumulation the stock between 143-155 levels is recommended.
Once weekly closing is above 168, the stock is likely to test its resistance level around 198. If the stock is accumulated at an average price of 150ish, 32% gain can be expected if the stock tested its previous resistance at 198, breaking out 198 level would trigger the next resistance of 226. This movement is expected to be captured by the stock within next 12 months when the stock is likely to break its historical high of 304.75
Stop loss can be kept around 122
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