Traders can accumulate the stock in the range of Rs 820-830 for the target of Rs 760 with a stop loss below Rs 862, says Rupak De of Bonanza Portfolio.
Grasim Industries has changed its direction of the movement by breaching the upward sloping trendline on the daily chart. In addition, the stock has failed to move above 50-EMA in its recent price action.
Also, a double top formation is seen on the daily chart of the stock. Traders can accumulate the stock in the range of Rs 820-830 for the target of Rs 760 with a stop loss below Rs 862.
The author is a Technical Research Analyst at Bonanza Portfolio Ltd.Disclaimer: 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.