The stock can be bought at the current level and on dips towards Rs 33,000 with a stop loss below Rs 31,500 and a target of Rs 36,500, says Ashish Chaturmohta of Sanctum Wealth Management.
PAGE Industries is in major uptrend forming higher-tops-and-higher-bottoms formations on the short term as well as on the long-term charts.
Last week’s intraday decline low of Rs 29,456 has taken support around 38.2 percent (Rs 29,344) Fibonacci retracement of the major rise from Rs 18,001 to Rs 36,370.
PAGE Industries has managed to hold Rs 31,500 for the last four weeks which indicates that market participants are holding on to the stock. The price closed above 20-day moving average (DMA) which acted as support and resistance for the stock in the past.
The Relative Strength Index (RSI) on the daily chart has given a positive crossover with average. Thus, the stock can be bought at the current level and on dips towards Rs 33,000 with a stop loss below Rs 31,500 and a target of Rs 36,500.Disclaimer: The author is Head of Technical and Derivatives at Sanctum Wealth Management. 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.The Great Diwali Discount!
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