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A reasonably positive candle was formed on the daily chart with a minor upper shadow. Technically, this pattern indicates a narrow range movement in the market at the support of 19,250-19,300 levels
The stock has been taking support above the 50-Days Exponential Moving Average on the daily charts. On the monthly charts, it has been making higher lows for the past eight months.
Data Patterns stock has given a return of 43.73 percent over the last six months.
Multibagger stock: Shares of defence and aerospace solutions provider, which closed at Rs 745.6 on July 19 last year ended at Rs 2,052.40 on the BSE on Wednesday, delivering 175.27% returns during the period.
Shares of Mazagon Dock Shipbuilders, Indias only shipyard to have built destroyers and conventional submarines for the navy, have gone through the roof, rising 122% so far this year. Shares of Data Patterns, a vertically-integrated defence and aerospace electronics solutions provider have rallied 87%, Hindustan Aeronautics (HAL) has advanced over 50%, while Bharat Electronics and Garden Reach Shipbuilders & Engineers have surged 26% each on a year-to-date (YTD) basis.