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Published on 26/10/2018 12:24:27 PM | Source: Choice Broking Pvt Ltd

Buy Allcargo Logistics Ltd For Target Rs.105.00 - Choice Broking

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*  On a daily chart, the stock has confirmed Bullish Harami pattern which is a bullish reversal formation and suggests an upside move in the counter.

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

*  A daily momentum indicator Stochastics, K% has given breakout above D% from oversold zone with a positive divergence which points out for a bounce back move in the stock.

*  A daily momentum indicator RSI reading is at 45.80 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 Allcargo Logistics Ltd @ 98.50 Stoploss 94.50 Target 105

 

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