Technical and derivative data indicate a bullish setup in GMR Airports Infra, with a long build-up observed in the scrip.
According to Vaishali Parekh, Vice President- technical Research, Prabhudas Lilladher, "GMR Infra has undergone a decent correction from the 67 levels and found support near the 100 DMA, which is situated around 52 levels. This support signals a potential reversal, evident in the positive candle pattern."
The stock has been steadily moving upward, with the bias improving after each short correction. It formed higher lows on the daily chart and found strong support at significant 50-exponential moving average (EMA) levels in recent times. "The RSI is once again well-placed, gaining strength, and has the potential to sustain the momentum for an initial target of 70 levels, with near-term support around 54," Parekh added.
Technical chart of GMR Infra show a reversal pattern. The stock has gained more than 10 percent in the last month.
As per Kapil Shah, Senior Technical Analyst at Emkay Global "With 3 dip correction, stock took support at 100 EMA followed by short term moving average cross over. It indicates bullish momentum along with strong structure. Stock has breached falling trendline with sustainability on higher side."
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