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Published on 16/08/2019 4:49:51 PM | Source: Choice Broking Pvt Ltd

Buy Balrampur Chini Mills Ltd For Target Rs.125 - Choice Broking

Posted in Broking Firm Views - Short Term Report| #Sugar #Balrampur Chini Mills Ltd. #Trading Report #Choice Broking

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* On an hourly chart, the stock has given a breakout of its upper band of Broadening Falling Wedge formation which is a reversal formation and signifies a bull run in the counter.

* Moreover, the stock has started to trade above its 21 Hourly Exponential Moving Average which shows a positive move in the counter.

* On a daily chart, the stock has bounced back after taking a support of its upward Rising trendline which indicates that the stock may go up in coming trading sessions.

* A daily momentum indicator RSI reading is at 36.79 level with a positive crossover which points out for a positive breath in the stock.

* Based on the above technical structure, we are expecting an upside movement in the counter in few trading sessions.

Recommendation

Buy Balrampur Chini Mills Ltd @ 118.10 Stop Loss 113.50 Target 125

 

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