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Published on 13/06/2018 5:13:00 PM | Source: Choice Broking Pvt Ltd

Buy Pennar Industries Ltd For Target Rs.61.50 - Choice Broking

Posted in Broking Firm Views - Short Term Report| #Metals Sector #Pennar Industries Ltd #Trading Report #Choice Broking

* On a daily chart, the stock has given a breakout of its downward sloping trendline which indicates that the stock may go up in coming trading sessions.

* Moreover, the stock has bounced back after taking a support of its multiple support line which suggests a bull run in the counter.

* Additionally, the stock has been sustaining above its 21 as well as 50 Days Exponential Moving Averages which signifies an upside movement in the counter.

* A daily momentum indicator RSI reading is at 56.37 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 Pennar Industries Ltd @ 56.35 Stoploss 54 Target 61.50 

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