Emami Ltd – Downward Sloping Trend Line

Emami Ltd on a daily chart stock price is making higher high and higher low pattern with increase in volumes, indicate positive outlook for the stock price. Technically on daily chart stock price at Rs. 989 is on the verge of breakout of downward sloping trend line at Rs, 990 level, any trade or closed above the same stock price can rally towards previous high swing, which look most likely.

If one were to go by the volume data, a higher upswing is seen on the stock price. Trader or investor can accumulate above at Rs. 990 for the target of Rs. 1100 levels, with Rs. 930 stop loss on closing basis.