STOCK STRAT­EGY

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BSE Code ...... 531344 Tar­get 1 .... ₹1420 | Tar­get 2 .... ₹1450 | Sto­ploss ... ₹1290(CLS) ✓ Cur­rent Ob­ser­va­tion: The stock, af­ter reg­is­ter­ing a high of Rs 1413 on Septem­ber 11, 2017, en­tered into a cor­rec­tive phase and it took sup­port near its

50-day SMA.

✓ At present, the stock has wit­nessed break­out of down­ward slop­ing trend­line, along with av­er­age vol­umes.

✓ The stock has moved above its 61.8% re­trace­ment of re­cent fall, which is pos­i­tive for the stock.

✓ The stock has been trad­ing above its im­por­tant mov­ing av­er­age, i.e. 21-day EMA.

✓ The daily 14-day RSI af­ter tak­ing sup­port near 51 level is in ris­ing tra­jec­tory now.

✓ The level of Rs 1290 is likely to act as a strong sup­port and this could be main­tained as a stop loss for long po­si­tions. On the up­side, the stock is likely to touch the lev­els of Rs 1420-1450.

✓ Con­clu­sion : Con­sid­er­ing the break­out and the stock trad­ing above its 21-day EMA, we rec­om­mend buy­ing this stock for tar­get price of Rs 1420-1450 with stop loss at Rs 1290 level.

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