After consolidating in a narrow range of Rs 1,150-1,250 for more than six weeks, IFB Industries has given a breakout above its key resistance level and has once again surpassed its short and long-term moving averages on the daily interval charts.
At the current juncture, the stock has formed a bullish flag pattern on the daily charts and also managed to give a breakout above the same.
The additional volumes with rising price can trigger the next up move in prices moving forward. Traders can accumulate the stock in a range of Rs 1,350-1,380 for the upside target of Rs 1,530 and a stop loss below Rs 1,250.
Disclaimer: The author is Senior Research Analyst, SMC Global Securities Ltd. The views and investment tips expressed by investment experts on moneycontrol.com are his own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.