Buy Info Edge India Ltd For Target Rs.4,560 by Religare Broking
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* Naukri has been trading in a steady uptrend since 2012, after spending nearly six years in a consolidation phase post listing. It has had intermediate consolidation phases also, but the majority were more of time-wise correction.
* Unlike the past instances, it has retraced noticeably from its record high i.e. 7376.22 levels in the prevailing corrective phase and tested support at 3298.85 in May 2023. It tried to regain some strength thereafter but pressure around the 4500 zone capped upside and again pushed the stock to the monthly support zone in March 2023.
* It has formed a reversal pattern (Inverted Head & Shoulder) in the last four months of consolidation and finally witnessed a breakout from the same now. Besides, it has breached a trendline hurdle on the daily chart. All indications are in favor of a gradual up move from the current levels. We thus recommend accumulating in the mentioned zone.
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