Stop Loss: Rs 507
Target: Rs 571
Hariom Pipe has registered a breakout above a major resistance zone on the daily timeframe, closing the session with a bullish candlestick backed by volumes well above the 20-day average, a clear indication of strong buying interest. The stock is trading comfortably above its 20, 50, 100, and 200-day EMAs, underlining the resilience of the ongoing uptrend. Meanwhile, the RSI at 64.55 is trending higher, reinforcing the strong bullish momentum and suggesting further upside potential in the near term.
(Drumil Vithlani, Technical Analyst, Bonanza Portfolio)
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