Hi Partha, yes a spell of quiet consolidation underway here as you've noted. Trading above the 200-50-20 day moving average does nothing to negate the strength.
Narrow sideways price action on flat volume can generally denote a period when a stock is being accumulated without disturbing the price.
The sector is good to be in around and beyond the budget, and if you are in for another quarter or two, buying more at declines would be the way to go I'd say.
It is trading around all time high, and positive news for the sector could push it further, but how much further is not known. It's come up from 190 levels in December to 310 now.
Watch it close for volume increase and some volatility in price over the next couple of days. If you are keen, go in with a small lot if it looks like crossing 316 area and ride it out as long as it goes, with 302-306 stop loss. If it clearly takes out 323-329 it may go further, and if so, we qould assess later.
On declines, for your existing position as of today, supports are at 302-395-288-274 levels, where at evidence of firmness, more could be added. On the other hand, if it slips below 295-288, you may want to exit to keep the profits, and to buy back above those levels or 302. I am suggesting this as there has been no retracement since the climb from 162 end October except sideways consolidation, and somewhere along the line some pullback may happen, though cannot be said with certainty. It's just good to be prepared for movement on either side.
All the best Partha, and do get back when you like. It's no bother at all.
