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Technical Observations

* The stock is seen resuming fresh up move after a higher base at the 100 days EMA (currently at | 440) and the rising demand line joining lows since May 2021 signaling strength and offers fresh entry opportunity with a favorable risk reward set up

* We expect the stock to maintain positive bias and head towards | 505 levels in the coming weeks as it is the 123.6% external retracement of the recent breather (| 497-443) placed at | 505 levels

* The stock has undergone shallow retracement as over past three weeks it retraced merely 50% of preceding three weeks up move (|395-497), highlighting positive price structure

* The daily 14 periods RSI has generated a buy signal moving above its nine periods average thus validates positive bias

Buy Rupa & Company Ltd @ 460-470.00 TGT 505 SL 440

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