HIKAL LTD .................................. BUY ....................... CMP ₹227.80

Dalal Street Investment Journal - - TECHNICALS -

The stock of Hikal Ltd is cur­rently trad­ing at ₹227.80. Its 52-week high and low stand at ₹256.10/₹181 made on Jan­uary 10, 2017 and Novem­ber 15, 2016. The stock has been trad­ing in a range of ₹200-230 since Fe­bru­ary 2017. The stock has re­cently given a mul­ti­ple re­sis­tance break­out at ₹230 level, but it could not sus­tain on a clos­ing ba­sis on the daily time frame.

The stock wit­nessed a pull­back fol­lowed by a bounce back and has yet again given a break­out. The huge vol­umes and the 14-pe­riod RSI quot­ing at 61 sup­port mo­men­tum go­ing for­ward.

Hence, we rec­om­mend a Buy in the stock in the range of ₹230-235 on a clos­ing ba­sis for a tar­get of ₹248, fol­lowed by ₹256, and with a stop loss of ₹218.

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