* The stock is at the cusp of breakout above the last one months consolidation range signalling resumption of up move and offers fresh entry opportunity.
* The stock has retraced its 10 sessions decline (| 698-656) in just three sessions. A faster retracement in less than half the time interval signals a robust price structure
* The base of the recent consolidation is placed at the rising 50 days EMA as can be seen in the adjacent chart and is currently placed at | 654. It is likely to act as major support in the short term
* Among the oscillators, the daily 14 periods RSI has generated a bullish crossover above its nine periods average thus validates positive bias in the stock.
* We expect the stock to continue with its current up move and test levels of | 775 in the coming sessions as it is the 161.8% extension of the previous up move | 625 to | 713 as projected from the recent low | 640 signalling upside towards | 775 levels
Buy Voltas Ltd @ 685.00-702.00 TGT 775 SL 654.00
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