The stock has broken the consolidation range on the upside & has closed within range this week. Long term prospects looking good. Buy in the range of 43.50-44.50 with a stop of Rs. 37.55 and a target of Rs. 58.
Weekly chart has a bullish divergence on both macd-h and macd lines, where macd-h stayed above zero & macd lines kept rising, when the price gave a new lower closing. Daily chart confirmas screen one message with it's own At the right edge Force Index has given a new peak indicating further steam left on the up side. The stock has the chances of giving further up moves beyond our target. Macd-h at the right edge is giving minor weakness, once the highs are crossed up, it will turn further bullish.
We will trade this position on the notional capital, but, with a 1% risk on capital. As this is a long term position, we would like to keep the capital open for futher short term trades.
Happy trading & investing.
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