* On an hourly chart, the stock has given a breakout of its upper band of Falling Channel formation which signifies a bull run in the counter.

* On a daily chart, a sudden spurt in the volume has been witnessed during trading session which shows an accentuate buying in the counter.

* On a weekly chart, the stock is bouncing back after taking a strong support of around 231 level which is 38.2% retracement level of its previous move from 79.20 level to 325.70 level which suggests a positive movement in the counter.

* A daily momentum indicator RSI reading is at 49.69 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 Ramco Industries Ltd @ 252.50 Stoploss 244 Target 270

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