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UPL recorded a strong session, gaining 4.7 per cent on Tuesday, despite the bellwether indices turning volatile. The stock has been on an intermediate-term uptrend since taking support at ₹125 in August 2013. Following sharp fall in late January, the stock’s significant long-term support at ₹180 arrested the stock in late February. The stock’s 38.2 per cent Fibonacci retracement level also overlaps at this level, adding strength.
The stock surged decisively during the last session, breaching its 21- and 50-day moving averages. There has been an increase in daily volumes over the past four trading sessions.
Both the daily and weekly relative strength indices are on the brink of entering the bullish region. The moving average convergence divergence indicator on the daily chart has signalled a buy. Traders with a short-term perspective can buy the stock with a stop-loss at ₹188.5. Targets are ₹201 and ₹205.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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