After almost two years of consolidation between Rs 2,050 and Rs 1,600 odd levels,Pfizer witnessed a breakout to touch high of Rs 2,370 levels.
The pullback tested the breakout and price rallied to touch high of Rs 2,550 this month. For the last few weeks stock has been consolidating its gains in a narrow range.
Price has taken support at a 21-day exponential moving average which has been acting as support for the on declines. The relative strength index (RSI) has given positive crossover on the daily chart.
Thus, the stock can be bought at current level and on dips to Rs 2,400 with a stop loss below Rs 2,350 and target of Rs 2,800 levels.
Disclaimer:The author is Head Technical and Derivatives, Sanctum Wealth Management. The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.