Abhishek Mondal
Sanofi India has given a breakout above its downward trend line around Rs 5,038-5,045 levels on Tuesday on the daily chart which suggests bullishness in the stock.
A daily momentum indicator Relative Strength index (RSI) reading at 63.32 level, showing positive momentum and MACD trading above zero line with positive crossover whereas (+) DI continuously trading above (-) DI.
Based on the above observations, traders can buy the stock around in dips around Rs 5,040-5,050 with a stop loss below Rs 4,880 (closing) for the target of Rs 5,335.
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.
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