Stock to Watch Friday- DCM SHRIRAM LIMITED
On the daily and weekly charts, Dcm Shriram Limited formed “Rounding bottom” pattern and has given breakout on closing basis. This breakout is accompanied with increase in volumes bullish sentiments ahead. The stock is sustaining above 50 and 100 day’s SMA indicating buyer’s participation.
The daily strength indicator RSI are in positive mode which supports upside momentum to continue in near term. We recommend traders to take long positions in DCM SHRIRAM in the range 460-463 for the targets of 480-499, keeping stop loss below 439 on closing basis.