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Published on 11/06/2019 3:43:26 PM | Source: Choice Broking Pvt Ltd

Buy REC Ltd For The Target Rs.170.70 - Choice Broking

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

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

* Moreover, the stock has been trading with a positive crossover of 21*50 Days Moving Average which shows a Bullish movement in the stock.

* Furthermore, the stock has given a breakout of its Upper Bollinger band which suggests a northward movement with high volatility in the counter.

* On a weekly chart, the stock has moved above “Ichimoku Cloud” with positive crossover between conversion line and base line which shows the upside movement in the counter.

* A momentum indicator RSI and MACD both have shown positive crossover on the daily chart which adds more bullishness to the price

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

Recommendation

Buy REC Ltd. @155.00 Target 170.70 Stoploss 147.00

 

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