Traders can accumulate the stock in the range of Rs 380-390 for the target of Rs 424 with a stop loss below Rs 366, says Rupak De of Bonanza Portfolio.
The price of Kalpataru Power has just managed to move above its consolidation pattern which suggests growing optimism in the stock.
After few failures attempt the stock has closed above its 21 EMA for the first time. The momentum oscillator, RSI on the daily chart has formed a double bottom and moved up to give a trend line breakout.
Traders can accumulate the stock in the range of Rs 380-390 for the target of Rs 424 with a stop loss below Rs 366.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.