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Published on 18/11/2020 11:24:38 AM | Source: Religare Broking Ltd

Buy Subros Ltd For Target Rs. 310 - Religare Broking

Posted in Broking Firm Views - Short Term Report| #Subros Ltd. #Trading Report #Religare Broking Ltd

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Technical Outlook

* Subros had an exceptional rally for nearly four years (during 2014-2018) after the breakout from a prolonged consolidation phase. The stock prices rose from roughly 40 mark to a record high of 414.94 levels during that phase.

* After the failed attempt to surpass the record high in September 2018, it gradually slipped lower initially and the trend finally changed to negative in the middle of 2019.

* It has been witnessing recovery for the last seven months and reached closer to the resistance zone of the declining trend line on the weekly chart. Also, it’s currently hovering in a narrow range of 230-270 zone and likely to see a breakout from the same shortly, which in turn would reverse the intermediate negative trend too. We thus advise buying at the current level (256.80) and adding more on dips around 245 with the close below stop loss of 220 for the target of 310.

 

Technical Chart (Weekly)

Buy Subros Ltd @ 245-256.80 2-3 Months CMP 256.80 TGT 310 SL 220

 

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