EID Parry is at the moment forming a Increased Excessive, Increased Low construction, suggesting an ongoing uptrend. Nevertheless, the inventory has surged towards its rising trendline, which can act as a near-term resistance.
Notably, the decline in quantity throughout this worth rise alerts weakening momentum. The inventory is buying and selling 25% above its imply, whereas traditionally it tends to stretch as much as 31%, putting the imply close to Rs 1222.
The RSI indicator is hovering close to the overbought zone, hinting at early indicators of exhaustion. In the meantime, the Directional Indicator stays range-bound, reinforcing a cautious outlook.
Given this setup, the inventory might retrace towards its imply, and contemporary entries are greatest averted at present ranges till clearer energy or a pullback emerges.
(Disclaimer: Suggestions, ideas, views, and opinions given by specialists are their very own. These don’t symbolize the views of the Financial Occasions)
