Traders can accumulate the stock in the range of Rs 217-220 for the target of Rs 240 and a stop loss below Rs 212.
On the daily chart, Dishman Carbogen price has made a bullish AB=CD harmonic pattern which suggests a reversal of the current trend is likely.In addition, the price is finding support around historical trough on the daily chart. Moreover, an inverted Hammer is visible on the daily chart of the stock. Traders can accumulate the stock in the range of Rs 217-220 for the target of Rs 240 and a stop loss below Rs 212.
(The author is a Technical Research Analyst at Bonanza Portfolio Ltd.)
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