CCL has recently witnessed consolidation within a sideways range before gradually gaining upside momentum. The stock has given a decisive breakout above both the sideways consolidation zone and a falling trendline, signalling renewed bullish strength and the possibility of further upward movement. This breakout highlights fresh buying interest and accumulation at lower levels, indicating a continuation of the prevailing uptrend.
Technically, CCL is trading above its key 20, 50, and 200-day EMAs, reaffirming its strong bullish structure and positive momentum. On the upside, the trend remains favourable as long as the stock sustains above the breakout zone, with momentum likely to extend toward higher levels in the near term. Crucial support is placed near the 20-day EMA around Rs 840, where consistent buying interest has been observed.
(Hitesh Tailor, Research Analyst at Choice Broking)
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