The stock may be bought in the range of Rs 644-648 for targets of Rs 700-745, keeping a stop loss below Rs 608, says Aditya Agarwala of YES Securities.
Aditya Agarwala
On the weekly chart, United Spirits has broken out of falling channel pattern suggesting a resumption of the uptrend.
However, post-breakout it has entered in a narrow sideways consolidation phase. A sustained trade above Rs 655 with healthy volumes will resume the uptrend.
Further, on the daily chart, the stock has turned upwards after taking support at the 200-DMA suggesting bullishness. The RSI has turned upwards after taking support at 60-level suggesting strong bullishness in the stock.
The author is Technical Analyst at YES Securities (I) Ltd.
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