On the daily chart, the momentum oscillator, i.e, the RSI smoothened after cooling off from its overbought zone, which is pointing back northwards and has given a fresh buy signal with its average line supporting the buy call. In addition, the price structure continues to remain in a bullish cycle i.e. in ‘higher top higher bottom’.
Hence, with all the above technical parameters, we sense a strong outperformance by this frontline counter and hence recommend a buy at current levels for a target of Rs 710 over the next 14 sessions. The stop loss should be fixed below Rs 640 levels.
[Sameet Chavan, Chief Analyst, Technical and Derivatives, Angel Broking Ltd]
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