Sameet Chavan
After a long consolidation, MCX India has finally managed to burst through its recent congestion zone. Recently, several attempts to surpass the Rs 800 mark turned unsuccessful; but this time, there was a decisive breakout seen with humongous volumes.
When such price and volume activity happens after a consolidation phase, the stock prices generally have a tendency to continue this momentum without giving a major dip in the coming days.
Hence, one can look to go long around Rs 805 for a target of Rs 900 by following a strict stop loss placed below Rs 765.
Disclaimer: The author is Chief Analyst, Technicals, and Derivatives at Angel Broking. The views and investment tips expressed by investment experts on moneycontrol.com are their 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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