Buy Rallis India Ltd For Target Rs.242 - ICICI Direct
Buy Rallis India Ltd TGT : 242.00 SL : 214.00
Technical Observations
• Agri input space has been buzing over past few sessions and Rallis has witnessed a renewed buying interest post results resulting in follow through to last months’ Engulfing bullish reversal pattern
• The share price resolved higher on Thursday out of short term consolidation above its 50 day EMA indicating strength and offers fresh entry opportunity to ride the momentum
• WE expect share price to head towards 245 which is 61.8% Fibonacci retracement of April – June decline (290-185)
• Among oscillators daily RSI is in rising trajectory above its 9 period average thus validates positive bias.
Technical Chart
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