The stock has been pretty disappointing over the past few weeks/months, as it has fallen over 30% since its recent highs. Continuous FII sell-off has seen the stock fall almost 35% from its lifetime high of Rs 3021. Thus technical parameters give bearish signals in the medium term. However, the 14-day daily RSI (41.38) has made a good jump from its oversold counters. The negative histogram is slowing down slightly, which shows that the downtrend has weakened. Apart from this, KST and TSI indicators are showing improvement in the performance of the stock.
The pattern on the technical chart indicates that the stock is ready for a bull run. However, it needs to sustain itself above its 20-DMA level of Rs 2222. Along with this, it can also touch the level of Rs 2300 and Rs 2500 in the medium term. Keep an eye on this stock, as it can see a good bounce from the oversold zone.
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