Shitij Gandhi
In the recent weeks, Capital First took support around Rs 480 levels and witnessed a V-shaped recovery thereon which helped it to surpass above its 200-day exponential moving average (EMA) on the daily charts.
On the shorter time frame, the stock has formed a rounding bottom pattern while on the broader charts, a breakout above “Cup & Handle “pattern can be seen.
Both the pattern are bullish in nature. Traders can accumulate the stock in a range of Rs 555-565 for the upside target of Rs 612 levels and a stop loss below Rs 520.
Disclaimer: The author is a Senior Research Analyst, SMC Global Securities. 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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