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Published on 25/06/2019 4:49:13 PM | Source: Choice Broking Pvt Ltd

Buy Magma Fincorp Ltd For The Target Rs.135 - Choice Broking

Posted in Broking Firm Views - Short Term Report| #Magma Fincorp Ltd #NBFC #Trading Report #Choice Broking

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* On an hourly scale, the stock has bounced from its multiple support line which suggests a bounce back move in the counter.

* Moreover, the stock has started to trade above its 50 Hourly Exponential Moving Average which shows a positive move in the counter.

* Additionally, the stock has given a breakout of its upper band of Symmetrical Triangle formation which shows stock may accelerate in coming trading sessions.

* On a daily scale, the stock has bounced back from the lower Bollinger Band indicator which shows a good upside move the stock.

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

Recommendation

Buy Magma Fincorp Ltd @ 127.60-127.00 Target 135 Stoploss 123.50

 

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