View on Chart: Daily chart shows that after reaching 53-53.50 levels stock went sideways and formed a double bottom with positive divergence on leading indicators. Today’s bounce from support level was associated with sizable volumes indicating short covering and fresh buying. All this scenario suggests that stock may move up if it manages to clear the trend line hurdle at 56.4-56.55. If it successfully breaches this band, then we can see journey towards immediate resistance cum target level 60.80-61.4. Immediate buyers can keep strict SL of 53, whereas, breakout buyers can keep SL below breakout line or at 55 levels.
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