MTF Stock Pick Buy Rallis India Ltd For Target Rs. 312 - HDFC Securities
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MTF Stock Pick Buy Rallis India Ltd For Target Rs. 312 - HDFC Securities
TECHNICAL OBSERVATIONS
The sharp trended decline in this stock price (Rallis India Ltd) is in the process of reversing up in this week.
The stock price has witnessed a sustainable upside bounce so far from near its support of up sloping trend line at Rs 274 levels. Hence, one may expect further upside to confirm a bottom reversal pattern in the stock price.
The larger degree of higher bottoms intact in the last one year and the recent swing low of Rs 270.15 of this week seems to be a new higher bottom of the sequence.
Weekly 14 period RSI has turned up from near 40 levels. One may expect further strengthening of upside momentum in the stock price ahead.
The overall chart pattern of RALLIS indicate long trading opportunity. One may look to create positional long as per the levels mentioned above.
Buy Rallis India Ltd Up to 3 Months @ Add on dips 265 CMP 281.75 TGT 312 SL 258
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