Aditya Agarwala
On the weekly chart, Tube Investments of India has broken out of Flag pattern suggesting resumption of the bull trend. A sustained trade above Rs 319 with healthy volumes will resume extending the uptrend.
Further, on the daily chart, the stock has broken out of a consolidation phase after taking support at the 100-DMA suggesting bullishness.
The RSI has turned upwards after taking support at 40-level suggesting strong bullishness dominant in the stock. The stock may be bought in the range of Rs 314-317 for targets of Rs 340-360, keeping a stop loss below Rs 290.
Disclaimer: The author Technical Analyst at YES Securities (I) 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.
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