* On a weekly chart, after giving an healthy correction from its All-time high level, the stock has taken a support at 1480 level which is also a 100-Weekly moving average which suggests a bounce back movement in the counter.
* On a daily chart, after giving a brief correction, the stock has taken a support at 1570.42 level which is 38.20% Fibonacci Retracement of its previous rise from 1415 level to 1664 level which signifies that more demand may glean from this level.
* Moreover, on an hourly chart, the stock is trading above its 21 as well as 50 Hourly Moving Averages which show a positive trend in the stock.
* A daily momentum indicator RSI reading is at 56.62 level with a positive crossover which points out for a positive breath in the stock.
* Based on the above technical structure, we are expecting an upside movement in the counter in few trading sessions.
Buy CEAT Ltd @ 1620-1629.40 Stoploss 1575.00 Target 1,725.00
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