* The share price is at the cusp of generating a breakout from the last three months consolidation range of Rs. 225-190 signalling strength and offers fresh entry opportunity.
* The base of the consolidation is placed at the 100 days EMA currently at 200 levels and the 50% retracement of the previous up move Rs. 135 to 237 signalling positive price structure
* The stock has already taken 12 weeks to retrace just 50% of the previous four weeks up move. A slower retracement signal a higher base formation in the stock
* We believe, the stock has strong support at Rs. 200-205 levels, as it is the confluence of the rising 100 days EMA which has recently acted as strong support and the 61.8% retracement of previous up move (Rs. 190 – 229), at Rs. 205.
* We expect the stock to maintain positive bias and head towards Rs. 245 levels as it is the 123.6% external retracement of the previous decline (Rs. 237 to 190) placed at Rs. 245 levels
Buy Mishra Dhatu Nigam Ltd @ 212.00-220.00 Target 245.00 SL 203.00
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