The price of Dhaniya corrected from the highs of Rs 6612 levels. The key observation to be made
is that the recent correction from higher levels has taken support at the 38.2% Fibonacci
retracement levels as show in the chart above.
The smart upmove witnessed over the past few sessions of trade have helped the prices of Dhaniya come out of the narrow trading range.
Moreover, the upmove witnessed during the last two sessions of trade has been on the back of
strong surge in volumes, which is a sign of buying interest in the stock.
The RSI indicator has also come out of the oversold territory with a positive divergence. Thus, considering the bullish technical set-up mentioned above we believe that the prices of Dhaniya can move up towards Rs 6200 / Rs 6325 levels over the upcoming few sessions of trade.
We recommend traders to buy 50% between Rs 6080--Rs 6050 levels and 50% on dips to Rs 5970-- Rs 5940 levels with a stop loss placed below Rs 5887 levels for upside targets mentioned above.
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