On the daily chart, Castrol India has given a breakout from its range bound pattern. After the breakout, a surge in volumes is visible. The stock price has moved and closed above its 200-DMA (daily moving average). Moreover, the momentum indicator, such as daily RSI (14) is in bullish crossover and rising.
Traders can accumulate the stock in the range of Rs 195-200 for the target of Rs 225 with a stop loss below Rs 188.
Disclaimer: The author is Head of Wealth Management and Financial Planning, Bonanza Portfolio Ltd. The views and investment tips expressed by investment experts on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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