Voltas has been in decline mode after anÂ all-time high of Rs 675 in December last year. It touched low of Rs 472 last month, retracing 50Â percent of the major rise from low of Rs 287 to high of Rs 675. The stock after consolidating for few weeks at lower levels has seen aÂ bounceback to current levels. It has been forming higher tops and higher bottoms from the low on daily chart.
MACD line has moved above theÂ equilibrium of zero on theÂ daily chart. Thus, theÂ stock can be bought at the current level and on dips to Rs 550 with aÂ stop loss below Rs 535 for aÂ target of Rs 650.