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The daily Relative Strength Index (RSI) is at 71.3. RSI above 70 is considered overbought. This implies that stock may show pullback, Trendlyne data showed. The daily MACD is above its center and signal Line, this is a bullish indicator.
The stock hit a record high of Rs 477 on 4th January 2023 but it failed to hold on to the momentum. The stock saw a vertical drop from record highs but managed to find support above 50-DMA on the weekly charts in March 2023.
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.
In terms of price action, the stock is trading below the 5-DMA but above 10,20,30,50,100, and 200-DMA on the daily charts, which is a positive sign for the bulls.
The stock also gave a breakout from an ascending triangle pattern on the weekly charts. The neckline of the ascending triangle pattern was placed above Rs 4,200 levels which happened in June 2023 and since then the stock has been trading above this level.