Abhishek Mondal
Strides Shasun has formed a bullish engulfing pattern around 61.8 percent Fibonacci Retracement level of prior up move (Rs 333-422) last Thursday with higher volumes, signaling a bullish trend reversal.
The key technical indicators Relative strength index (RSI) showing positive momentum and MACD trading below zero line with a positive crossover which indicates limited downside in the stock.
We believe the stock will soon surpass the short-term hurdles and it will move up toward 450 (50DMA) levels. Based on the above observations, traders can buy the stock in the range of Rs 393-397 with a stop loss below Rs 360 (closing) for a target of Rs 450.
Disclaimer: The author is Research Analyst, Guiness 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.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
