Stop Loss: Rs 800Target: Rs 960/1,000ASAHIINDIA is currently exhibiting a strong bullish setup, trading near the neckline of a Rounding Bottom formation on the daily chart. A decisive close above Rs 852, accompanied by strong volumes, would confirm the breakout and is likely to trigger the next leg of the uptrend.The stock is trading firmly above all key Exponential Moving Averages (20/50/100/200), signaling strength across short, medium, and long-term timeframes. The Relative Strength Index (RSI) stands at 67.9 and is trending upward, reflecting increasing buying momentum and further validating the bullish structure.
From a trading perspective, a buy-on-dips strategy near the Rs 830 support zone offers a favorable entry. For effective risk management, a stop-loss at Rs 800 is recommended. On confirmation of the breakout, the stock holds the potential to rally towards Rs 960 and Rs 1,000, offering a compelling risk-reward opportunity for positional traders.(Mandar Bhojane, Equity Research Analyst, Choice Equity Broking)
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