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The stock found support at ₹56 in March 2020. Since then, it has been in an intermediate-term uptrend. The support band between ₹93 and ₹95 had cushioned the stock between January and April this year. Subsequently, the stock resumed to trend upwards. But it met with a resistance at around ₹115 in June and started to move sideways.
On Friday, the stock gained 6.4 per cent accompanied by extraordinary volume and closed slightly above the resistance of ₹115. The daily relative strength index has entered the bullish zone from the neutral region. The stock has potential to extend the uptrend. So, investors can buy with stop-loss at ₹107; targets at ₹126 and ₹134.
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