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Published on 12/10/2021 12:39:19 PM | Source: HDFC Securities Ltd

Emargin Positional Pick - Buy Vardhman Textiles Ltd For Target Rs. 2259 - HDFC Securities

Posted in Broking Firm Views - Short Term Report| #Textiles Sector #HDFC Securities #Trading Report #Vardhman Textiles Ltd

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Emargin Positional Pick - Buy Vardhman Textiles Ltd For Target Rs. 2259 - HDFC Securities

* VTL is in strong uptrend on Major time frame. After making a life high on 7 th Sep 2021 it started correcting and halted near 1771 levels which also coincide with bullish trend line.

* Ascending triangle breakout has taken place on daily chart suggest the uptrend could continue.

* Today stock has broken out from tight range of consolidation with volumes.

* It also took multiple support of bullish trend line and resumed its upward momentum along with huge volumes.

* Trend line break out is also observed on RSI (14) on daily chart.

* +DMI & ADX is well placed above 25 level is observed on the weekly chart which indicates that bulls are in control. Primary trend of the stock has been bullish as stock has been forming higher tops and higher bottoms on the weekly charts. Stock is placed above medium to long term moving averages, indicating bullish trend on all time frames.

Buy Vardhman Textiles Ltd Up to 3 Months @ Average Level 1951 CMP 2054 TGT 2259 SL 1902

 

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