INSUBCONTINENT EXCLUSIVE:
Eternal shares have rallied nearly 34% from their April lows, currently trading around Rs 262, driven by investor optimism
The stock is also placed above its medium and long-term daily exponential moving averages.While the broader trend of the stock remains
positive, the recent rally has been sharp and impressive.According to Jigar S Patel, Senior Manager - Technical Research Analyst at Anand
Rathi Shares and Stock Brokers, traders should consider booking profits at current levels.He highlighted that the stock "appears to be
exhausted after a sharp rally of 42.58% from the recent bottom of Rs 194.80, currently trading near Rs 262." Patel warned that the daily RSI
is showing negative divergence, indicating a potential loss of momentum.
Live EventsHe added that a close below Rs 260 may trigger further
downside toward Rs 250." Based on this, short-term traders are advised to exit positions or adopt a cautious approach near Rs 260.Offering a
tactical view, Hardik Matalia, Derivative Analyst at Choice Broking, suggested that traders could look for buying opportunities if the stock
above Rs 278 would confirm a breakout and could pave the way for a rally toward its previous record highs.For traders with a momentum focus,
Matalia advised, "Short-term traders are advised to look for buying opportunities either on signs of reversal from the current demand zone
stories: Shreyas DevalkarLong-term investors holding the stock are recommended to stay invested and consider adding on dips, as long as the
stock holds above Rs 245.From a technical perspective, Shitij Gandhi, Sr
area.Gandhi noted that the stock has been on a steady upward trajectory in recent weeks, rallying from the Rs 200 level to around Rs 275,
but a fresh leg of upside momentum is expected to emerge only after a decisive breakout above the Rs 280 resistance level.On the downside,
opportunities if the stock pulls back.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own
These do not represent the views of TheIndianSubcontinent)
