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Short-term traders can look to buy the stock for a possible target towards 500 levels in the next 3-4 weeks, suggest experts.
The stock witnessed a breakout from a 12-month rectangle pattern in May 2023 on the weekly charts and since then it has been trading above the upper trendline resistance placed around Rs 120 levels.
Now just when investors were getting worried about valuations, which are not dirt cheap anymore, and the fall in dividend yield to around 3% at current market prices, the bulls have found another reason to stick to their ground.
The directional bias remains strongly bullish till the time 18.600 on the Nifty50 is not violated. Before this, 19,000 followed by 18,800 are to be seen as key supports.
The overall trend looks positive for the Nifty index. We expect the index to move higher till 18,887 followed by 19,055 levels in the coming future.