Trade Idea of The Day - Divi`s Laboratories Ltd Target Rs.134 - Religare Broking Ltd
Divi's Laboratories Ltd
BUY 26 MAY 6600 CALL Divi's Laboratories Ltd Entry Range 176-181 Target Range 134 Stop Loss 270
Rationale
* On the daily timeframe DIVISLAB has gradually inching higher, indicating a steady recovery after a consolidation phase. Price action shows higher lows formation, reflecting improving buying interest at lower levels.
* The stock prices are successfully reclaimed and trades above its key moving averages of 50-DEMA and 100-DEMA, which now act as immediate support zones, strengthening the bullish undertone.
* Momentum indicators support the uptrend, with RSI trending upward and currently trade above 60 mark and MACD Histogram also witnessed a positive crossover, suggesting strengthening momentum.
* As long as the prices sustains above the 6400-6350 zone, it may continue its upward trajectory towards 6600 and than 6700 mark. Any dips towards moving averages could be seen as buying opportunities
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