JP Associates –Buy- India Infoline
On the daily chart, the stock had been stalling around its 200-day DMA for one month, currently placed at Rs149. The close on Friday can be considered as a fresh break-out on the upper side. It is attempting to move higher after a consolidation of four weeks.
The volume chart has also improved along with the momentum oscillators. Any sustainable move on heavy volumes above the levels of Rs160 could provide fuel for a stronger rally over the next couple of sessions. The daily momentum indicators like RSI and MACD are exhibiting positive divergences.
We recommend traders to buy the stock at current levels and on declines up to the levels of Rs155 with a stop loss of Rs151 for an initial target of Rs167.
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