MTF Stock Pick  Buy Ashoka Buildcon Ltd  For Target Rs. 116 - HDFC Securities 

TECHNICAL OBSERVATIONS

After falling from a high of 118 touched in February 2021, Ashoka Buildcon found support around the 78 levels. These levels also coincided with the 50 week SMA, indicating it is a strong support.

The stock has since then been gradually rising and making higher tops and higher bottoms over the last few weeks.

Today, the stock has broken out of the 91-96 trading range on the back of huge volumes. This augurs well for the uptrend to continue.

Technical indicators are giving positive signals as the stock is trading above the 20 and 50 day SMA. Daily momentum indicators like the 14-day RSI have bounced back from oversold levels and are in rising mode now. This augurs well for the uptrend to continue.

With the intermediate and long term technical setups too looking positive, we believe the stock has the potential to move higher in the coming weeks and therefore recommend a buy. Our entry levels with stop loss and targets have been mentioned above.

Buy Ashoka Buildcon Ltd Up to 1-3 Months @ Buying Range 97-99 CMP 98 TGT 116 SL 92

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