The sharp rebound after a day of bloodbath helped the market clock 2.5 percent gains on first day of March series, February 25, backed by positive global cues, but the situation in Ukraine remains tensed, which will be closely monitored by investors and traders.
With last week’s price action, the stock has violated its one year multiple support zone of Rs 38 level on an intra-week basis, however, managed to hold on a closing basis.
Since October 2021, the stock is consolidating within Rs 620-480 levels representing sideways trend.
The stock is in strong up trend across all the time frames, as it continued to scale forming a series of higher tops and bottoms. Huge volumes on a rally signifies increased participation on up move.
On the weekly and monthly chart, the stock is in strong up trend forming a series of higher tops and bottoms. However with recent downfall the stock has recaptured its 200-day SMA and rebounded sharply.
The short term trend remains down, however with last week’s gain the weekly price action has resulted in an “Engulfing Bullish” candlestick pattern.