$ELGIEQUIP The stock closed at Rs.535.20 on 30th May, 2025. It made a 52-week low of Rs.401 on 09th April, 2025 and a 52-week high of Rs.798.95 on 24th June 2024. The 200 days Exponential Moving Average (DEMA) of the stock on the daily chart is currently at Rs 537. The stock has demonstrated a steady recovery since hitting its 52-week low of 401, establishing a bullish higher-low formation on the daily chart. The recent price action has been particularly noteworthy, with the stock decisively breaking above both its 200-day exponential moving average and the key resistance level of an ascending triangle pattern. This breakout was accompanied by strengthening momentum indicators, as positive divergences in secondary oscillators corroborate the bullish price action. The convergence of these technical factors suggests the emergence of a new uptrend, with scope for further upside in coming sessions. Therefore, one can accumulate a stock in range of 520-530 for the expected upside of 615-620 levels with S/L below 460 levels.

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