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Published on 10/07/2020 12:00:08 PM | Source: Motilal Oswal Financial Securities Ltd

High Conviction Delivery Idea - Buy Equitas Holdings Ltd For target Rs. 71 - Motilal Oswal

Posted in Broking Firm Views - Short Term Report| #Trading Report #Equitas Holdings Ltd #Motilal Oswal Financial Services Ltd

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High Conviction Delivery Idea Buy Equitas Holdings Ltd For target Rs. 71

Rational:

* Equitas has been moving in a consolidation phase from last three months.

* We witnessed healthy volumes in the sideways movement, indicating buying interest from stronger hands.

* Currently, stock is giving breakout from the consolidation phase, which is a positive sign for the stock.

* It also formed a Narrow range pattern on monthly chart and started moving northward.

* Stock is sustaining above its short term moving average, which bodes well for the bulls.

* RSI oscillator is placed positively on both daily and weekly scale and thus showing strength in the counter.

* Considering current chart structure, we are expecting the stock to move towards 71 levels in coming days.

* Thus, we advise traders to buy the stock in the range of 60.50 – 61.50 with stop-loss of 56.

 

Buy Equitas Holding Ltd @ 60.50 - 61.50 CMP 60.80 Target 71 SL 56

 

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