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Published on 5/12/2018 5:36:47 PM | Source: Choice Broking Pvt Ltd

Buy Ceat Ltd For Target Rs. 1390.00 - Choice Broking

Posted in Broking Firm Views - Short Term Report| #Ceat Ltd. #Tyres and Tubes Sector #Quarterly Result #Trading Report #Choice Broking

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* On a Monthly Chart, the stock has confirmed the hammer candlestick which is a reversal formation suggest a bull run in the counter.

*  On a weekly Chart, the stock has given the break out of it’s Falling Channel Formation which indicates a northward journey in the counter.

* Moreover, after giving a brief correction from its recent high level, the stock has halted its downside move at 1150level which is 50% Retracement of its previous upside move from 253 level to 1981 level which indicates that the stock could accelerate its upward movement.

* Furthermore, the stock has managed to sustain above its positive crossover of 21*50 DMA which points out strength in the stock.

* A daily momentum indicator RSI reading is at 59.90 level with a positive crossover as well as positive divergence has been seen which points out for a positive breadth.

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

 

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