Eternal share price jumps over 55% in under 5 months as rally sustains post Q1; analysts see it hitting ₹362
Since then, the stock has gained 22%, taking its total jump to 55% in less than five months. The stellar June quarter performance also propelled the stock above ₹ 300 for the first time in seven months on July 22, and it has since held above this level, closing today's session at ₹ 312 apiece.
Analysts believe the stock still has enough steam left to extend the rally, with estimates suggesting it could potentially reach ₹ 362. Analysts at Choice Equity Broking noted that Eternal is exhibiting a strong confluence of bullish signals.
Historically, the stock had faced declines near the same price zone, but this time it has recovered with the formation of a higher-high and higher-low structure, reflecting sustained upward momentum.
They pointed out that the stock recently retested its breakout zone and is now consolidating in a healthy manner just below the resistance level, indicating cooling supply and rising demand. According to the brokerage, this price action also places the stock on the verge of a cup-and-handle formation, which suggests a technically robust base and growing accumulation.
Analysts see that a decisive close above ₹ 325 could act as a catalyst for the next leg of the rally, with near-term upside potential toward ₹ 362, underscoring its strong bullish momentum.
They further added that the price is well-supported above its 20, 50, 100, and 200-day Exponential Moving Averages, all trending upward, confirming the strength of the prevailing trend.
On the downside, immediate support lies at ₹ 300, which may serve as an attractive accumulation zone in case of minor pullbacks. The Relative Strength Index (RSI) is currently at 67.46 and trending upward, indicating strong momentum, though approaching overbought territory.
For strategy, the brokerage suggested that traders may consider a buy-on-dips approach around ₹ 300, with a positional stop-loss at ₹ 288. Upon confirmation, Eternal could aim for ₹ 362 and beyond, offering a favorable risk-reward setup for positional trades.
Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
