This stock bounced off its strong support area in the range of Rs 720 –730 and now has given a breakout above the downward sloping trendline connecting the high of February 2021 to August 2021 on the daily chart.
Further, the stock has formed an “Morning star” candlestick pattern and has retaken its 200-EMA as well.
Likewise, the Auto Index is also showing some upward acceleration. Sustainable trading above 10,600 levels may turn more bullish.
The stock has been trading in a 27-week consolidation with a negative bias. However, it has turned positive over the last few weeks after reclaiming its long- term moving average (i.e., 200-DMA) and taking support around that level.
Today, the stock broke out from a downward sloping trendline connecting the highs of March 2021 and September 2021 on the daily chart.
The momentum indicators RSI and MACD are also trending in an upward slope, indicating a bullish trend in this stock.
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