The stock had been in a consolidation phase for the past four years, with the 750–760 zone acting as a strong resistance on two prior occasions. This key hurdle has now been decisively breached, confirming a long-term breakout. Volume analysis supports the move, as strong buying interest is evident during upswings, while downswings are accompanied by lower volumes, highlighting underlying strength in the counter.
In recent times, prices have been trending steadily higher, with dips consistently finding support near the 20 DEMA. This suggests that buying interest remains intact, and we expect the positive momentum to continue.
(Rajesh Bhosale, Equity Technical Analyst, Angel One)
