Weekly Call - Buy SREINFRA above 22.90 with a stop loss of 21, for a potential target of 28.90/30.70.
Outlook - The stock produced ‘bullish engulfing’ pattern on candlestick on weekly chart which is a bullish structure. The daily’s volume action in the counter was quiet encouraging and RSI also exhibits strength in the short term and has been successful in holding above the levels of 50. Moreover, on weekly chart, the stock has given a close near its falling resistance line, suggesting that positive momentum. The stock would remain bullish and it has found the key resistance level of 24.40 and 29.90. Break out of 29.90 levels would invite further buying and then the stock may face the upside targets of 28.90/30.70 levels. On the lower side, the support lies at 21 and 20.45 levels.
Outlook - The stock produced ‘bullish engulfing’ pattern on candlestick on weekly chart which is a bullish structure. The daily’s volume action in the counter was quiet encouraging and RSI also exhibits strength in the short term and has been successful in holding above the levels of 50. Moreover, on weekly chart, the stock has given a close near its falling resistance line, suggesting that positive momentum. The stock would remain bullish and it has found the key resistance level of 24.40 and 29.90. Break out of 29.90 levels would invite further buying and then the stock may face the upside targets of 28.90/30.70 levels. On the lower side, the support lies at 21 and 20.45 levels.
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