Religare Enterprises Ltd (RELIGARE) - Long opportunity

١٩ سبتمبر ٢٠٢٤

Entry Range: ₹250 - ₹270
Target: ₹380++ (more than 30% to 40% upside potential)
Stop Loss: Below ₹230

EMA Levels:
21 Days EMA: ₹275.90
21 Weeks EMA: ₹249.05
200 Days EMA: ₹243.83

Technical Analysis:
Religare Enterprises is currently in a consolidation phase, showing signs of bullish momentum on the weekly chart. The stock is holding strong above the 21-Day EMA and 21-Week EMA, which indicates a possible breakout if the price continues to hold above these averages.

Entry Point: The best entry point lies between ₹250 and ₹270, based on the strong support around these levels. This range also coincides with the 21-week EMA, adding strength to the support zone.

Support & Resistance Points:

Support 1: ₹275.90 (21-day EMA)
Support 2: ₹249.05 (21-week EMA)
Resistance 1: ₹361.95
Resistance 2: ₹381.05 (Target)

My View:
Religare Enterprises is poised for a potential upside, given its strong support at the ₹250-₹270 range and favorable EMA conditions. The stock has shown resilience, and the next leg could see a target of ₹380+ if it sustains above these levels. A stop loss below ₹230 will help minimize risks in case of a downward trend.