had gone below the 200-DMA. Its volumes have picked up significantly and it is up 11 per cent from its recent low of Rs 101.05. It is currently trading above all the important moving averages and has recorded strong volumes which is above the 10 day, 30 day and 50 day averages. The stock is rallying despite the market downturn as it has made higher highs and higher lows over the past few weeks.
Meanwhile, the strength of the stock has improved as per the technical parameters. Its 14-day period daily RSI (49.88) has also gained a lot and is continuing to climb up. Its On Balance Volume has also improved in terms of volume. The relative strength (RS) clearly indicates that this stock has outperformed the broader market. Also, its Elder Impulse System is indicating a fresh buy in the stock.
The stock has given around 6 per cent returns this year and has gained three per cent in a month. The stock has outperformed despite the downturn in the market and at the same time has given better returns than most of the companies in its sector. Looking at these signals, the stock is expected to rise in the coming days. This stock can go up to Rs 120 level in short to medium term. There is a good opportunity for swing trading and traders can expect good returns from this stock in the near future.
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