The BSE Sensex jumped 767 points to 60,686.69, while the Nifty50 rose 229.20 points to 18,102.80.
After some relief from the COVID cases, India started moving to regain normalcy.
The price action indicates that the stock has a potential to go towards Rs 2,800-3,000 in the coming months.
The daily chart of Sheela Foam depicts that the stock had been consolidating in a broad range of Rs 2,500 to Rs 2,000 since the past 6-9 months.
On the upside, the stock has the potential to test Rs 1,700-Rs 1,800 levels.
Thus we are of the opinion that the stock might be heading towards Rs 800 mark and, therefore, traders and investors should hold it for long.