Tisco has given a fresh break out and is expected to continue its uptrend. The stock has moved above the resistance level of Rs 99.50, which clearly puts the stock into a bull orbit. In fact, the break-out has occurred with a huge jump in volumes. The daily trading volume touched a 6-month high of over 40 lakh shares.The stock had bottomed out at Rs 68 in the last week of October. From this lLevel, it moved up to Rs 99.50, which is a resistance level. However, it failed to cross the level and reacted to Rs 82. Since then, the stock has been on an upward trend.
Like the price chart, the 21-day RSI has also moved to a 6-month high, pointing towards a bullish outlook. Other oscillators are also in favour of a positive outlook. Fresh positions can be taken at the current level for quick gains. The stock may touch Rs 116 in the coming weeks. Keep a stop loss at Rs 98.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
Printer-friendly page
