Stock of the week - DMART has been one of the strongest outperformer in the NIFTY NEXT 50 By GEPL Capital
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Observation
* DMART has been forming a higher high higher low pattern for the past 5 week after bouncing off the 2610 mark.
* In the previous week the stock not only tested a fresh 52 week high, but also sustained at higher levels. This move was also backed by above average volume, indicating participation in the up move.
* On the indicator front the RSI can be seen moving higher, indicating that the bulls remain in control of the trend.
* The long term moving averages in the daily time frame are as follows 50 Day SMA (2926), 100 Day SMA (2647) and 200 Day SMA (2462). In the previous week the stock bounced off the 50 Day SMA, currently it is sustaining above all the long term moving averages.
* The immediate resistance for the stock is placed at 3517 (78.6% extension level of the rise from 1976-3132 projected from 2612) followed by 3763 (100% extension level of the rise from 1976-3132 projected from 2612) and eventually towards 4076 (127% extension level of the rise from 1976-3132 projected from 2612).
* The key level to watch for on the downside are 3142 (15th Jan 2021 high) followed by 2900 (Weekly low) followed by 2610 (recent swing low).
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