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Published on 6/11/2020 12:52:14 PM | Source: ICICI Direct

Gladiator Stocks - Buy Dixon Technologies Ltd For Target Rs.11400 - ICICI Direct

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Dixon Technologies (DIXTEC): Shallow retracement, base at lower band of rising channel augur well for next leg of up move…

* The stock after the stupendous rally of April-September (| 2990-10289) has witnessed a breather in the last two months, with shallow price correction thus exhibiting resilience despite elevated market volatility.

* It is currently at the cusp of breaking out of the last two months broad range ( | 10000-8400) thus offering fresh entry opportunity

* The share price has been trading in a well defined rising channel since bottom out in March (| 2990) signalling sustaining demand at elevated levels. It has recently rebounded taking support at the lower band of the rising channel highlighting strength and continuation of the up move.

* The stock earlier during June 2020 has generated a bullish cup & Handle breakout as can be seen in the adjacent chart signalling a structural turnaround

* We expect the stock to resume up move after the last two months breather and head towards | 11400 levels in the coming months as it is the 161.8% external retracement of the recent breather (| 10289-8375)

Buy Dixon Technologies Ltd @ 9750.00-9950.00 TGT 11400.00 SL 8900.00

 

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