Traders can accumulate the stock in the range of Rs 255-265 for the target of Rs 286 with a stop loss below Rs 247, says Rupak De of Bonanza Portfolio.
On the daily chart, Edelweiss Financial Services has been consolidating after a correction from Rs 330 to Rs 250. A Gartley Harmonic pattern has formed on the daily chart which may propel a rally in the stock.
In addition, an engulfing pattern, as well as a tweezers bottom, is visible around Rs 248. Daily momentum oscillator, RSI (14) is having a positive divergence which suggests price may react positively in the near term.
Traders can accumulate the stock in the range of Rs 255-265 for the target of Rs 286 with a stop loss below Rs 247.Disclaimer: The author is a Technical Research Analyst at Bonanza Portfolio Ltd. The views and investment tips expressed by investment expert 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.