Stock is looking good on daily as well as weekly charts. Add for short term targets of 1550-70-1610 and if stock sustains above 1615, stock can rally up to 1900-1925 in short to medium term. For investment purpose best entry will be above 1550. Support exists near 1450.
Stock is in downtrend for almost 3 years and even after good quarterly results failed to perform during last week. However on analyzing monthly charts in detailed it is easily visible that stock is taking support at 50% Fibonacci retracement of entire rally from 390 to 2204.If holds the levels of 1340-50 add for short to medium term with price target of 1500-1550 to 1800. On weekly charts the pattern formed is bullish engulfing pattern indicating further upside. Stoploss can be placed below 1300 on weekly closing basis.
As per long term charts stock (weekly as well as monthly) is looking good forming rounding bottom pattern. The pattern target looks 390-450 above 255. The stock is currently trading around 225.
On daily chart a bearish pattern called head and shoulder pattern is easily identifiable and shows targets of 200-185, but the last two day candle pattern is bullish harami candlestick pattern and the close is above the neckline, hence if stock failed to close below neckline, downtrend can change into uptrend. so, keep the stock in your watchlist. On holding 219 stock can move towards 234-42-55 in short term.
Stock is in downtrend for last 4 months and still not looking good for longs. Sell more if trades below 458 for short term targets of 430-11. While if continue to hold 460 levels stock can rally towards 480-500. Have a look at weekly chart
Stock is trading in an upward channel, for long term. Add above 1140 for 1180 which is the upper border of the channel. Major breakout above 1180. Support exists near 1080.
