E Margin Stock Pick - Buy EIH Ltd For Target Rs. 108 - HDFC Securities
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E Margin Stock Pick - Buy EIH Ltd For Target Rs. 108 - HDFC Securities
Observation:
The attached weekly timeframe chart of EIH Ltd indicates a sustainable upside bounce, which started from last week.
We observe a larger degree of positive sequential movement like higher highs and higher lows, which is unfolding over the last few months.
The last weeks swing low of Rs 90.10 could be considered as a new higher bottom of the sequence.
Hence, one may expect further upside in the near term. Weekly 14 period RSI has placed around upper 60 levels. As per its formulation, RSI moving above 60 levels could mean further strengthening of upside momentum in the stock price.
The overall chart pattern of EIH Ltd indicate long trading opportunity. One may look to create a positional long as per the levels mentioned above.
Buy EIH Ltd Up to 3 months @ 98.30 - 91.50 CMP 97.30 TGT 108 SL 89.50
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