After making the all-time high of 1888.05, stock price of Divis
Lab Ltd has corrected by merely 10% in last week. The trend and momentum is
still bullish in the stock as ‘Higher Top Higher Bottom’ formation is still
intact and Momentum Oscillator RSI is taking support at 60 levels in weekly
chart. At current juncture, we are observing ‘positive reversal’ of RSI in both
daily and weekly chart, suggesting a sharp rally on cards.
Yesterday, we have witnessed ‘inside bar’ in daily chart and
the narrowest candle in last seven trading sessions (which is known as NR7).
The NR7 is a reversal pattern on either side, depending on the following price
action. Since Momentum Oscillators and Averages are positively placed, we are
expecting upward rally in upcoming days. One can buy this
stock on confirmation above Rs 1747 for a target price of Rs 1875 - 1930.
Stoploss for the trade should be placed below 1699 levels.
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