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With an upward gap, the stock surged almost 5 per cent, decisively breaking a key resistance at ₹940 levels last week. As the gap has occurred during the start of the week, it is also visible in the weekly chart, which adds bullishness to the stock’s ongoing rally. The ceiling and floor of the gap, at ₹941 and ₹912 respectively, will act as a significant support level, going forward. The short-term trend is up for the stock. However, it tests a key trend-deciding level of ₹970. Inability to surpass this level on the go can result in a corrective decline to ₹940 or ₹925 levels.
Traders with a short-term view can make use of such dips to buy the stock while maintaining a stop-loss at ₹920 levels. Resumption of the uptrend can take the stock northwards to ₹970. Strong breach of this level can take the stock upwards to ₹990 or ₹1,010 levels in the medium term. The indicators in the daily chart are in the positive territory.
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