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Published on 19/02/2020 12:15:05 PM | Source: HDFC Securities Ltd

Momentum Pick : Allcargo Logistics Ltd For Target Rs.120 - HDFC Securities

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Momentum Pick : Allcargo Logistics Ltd For Target Rs.120 - HDFC Securities

Observation:

* After showing a minor declines/sideways consolidation, the stock price has shifted into an upside bounce today.

* Currently, the price is making an attempt to show upside move above the key upper resistance.

* The short term trend has turned positive.

* We observe a formation of positive candlestick pattern as per intraday/daily timeframe chart.

* Volume has started to rise along with the upmove in the stock price.

* The daily/intraday RSI is showing positive indication.

Recommendation

Buy Allcargo Logistics Ltd  SL 105.90 Target 120 CMP 112.10

 

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