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Published on 2/12/2020 12:43:49 PM | Source: ICICI Direct

Buy Kajaria Ceramics Ltd For Target Rs. 720 - ICICI Direct

Posted in Broking Firm Views - Short Term Report| #Kajaria Ceramics Ltd. #Ceramics #Trading Report #ICICI Direct

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Technical Observations

* The stock is in strong up trend forming higher peak an higher trough in all time frame. The entire up move since bottoming out in May 2020 (| 296) is well channelled as can be seen in the adjacent chart signalling sustained demand at elevated levels and a positive price structure.

* The stock on Tuesday session has generated a breakout above the previous major high of May 2019 (| 650) signalling strength and continuation of the up move thus offers fresh entry opportunity

* The stock has immediate support around | 618 levels as it is the lower band of the rising channel and 50% retracement of the current up move ( | 554-681) placed at 618 levels

* Among the oscillators the weekly MACD(12,26,9) is seen diverging from its nine periods average thus validates positive bias in the stock

* We expect the stock to continue its positive momentum and head towards | 720 levels as it is the 123.6% external retracement of the entire decline (| 650-296) placed around | 720 levels

 

Buy Kajaria Ceramics Ltd @ 650.00-662.00 TGT 720 SL 618

 

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