The stock which is part of the S&P BSE Smallcap index hit a record high of Rs 532 on January 31, 2023. The stock has more than doubled from its July 2022 low of Rs 230.
Earlier this week, the stock gave a range breakout which has now opened room for the stock to head towards Rs 600 levels in the next 6 months or so, suggest experts.
Most of the technical indicators such as Aroon Up/Down & MACD indicator suggest a possible firm uptrend.
In terms of price action, the stock is trading below the 5-DMA but above 10,30,50,100, and 200-DMA which is a positive sign for the bulls.
The Relative Strength Index (RSI) is at 63.1. RSI below 30 is considered oversold and above 70 is considered overbought, Trendlyne data showed. MACD is above its center and signal line, this is a bullish indicator.
“The stock price started its upmove from Rs 99 (June 21). The stock made a high of Rs 395 in February 2022. Thereafter, the stock traded in a (Rs 230-400) range from February 2022 to December 2022,” Bharat Gala, President – Technical Research, Securities, said.
“Supertrend indicator is continuously in a positive mode since June 21 till date. Recently the stock gave range breakouts and made a high of Rs 528 accompanied by volumes. The stock is due for fresh upmove,” he said.
“The Aroon Up/Down & MACD indicator suggests a possible firm uptrend. The possible targets are Rs 650-800,” recommends Gala.
He further added that if the stock price corrects downwards the buy levels are Rs 475-460-445-437. A stop loss to be observed in the trade is Rs 410.
(Disclaimer: Recommendations, suggestions, views and opinions given by experts are their own. These do not represent the views of Economic Times)