Technical Positional Pick - Buy Carborundum Universal Ltd For Target Rs. 300 - HDFC Securities
The attached daily timeframe chart of Carborundum Universal Ltd indicate a price movement in a descending channel type pattern (down sloping parallel trend lines).
After a sharp weakness in the last couple of week, the stock price has shifted into a sustainable upside bounce from the lower channel at Rs 238 from the last sessions.
As per the channel pattern, the present upside is expected to continue and the upper trajectory as per channel could be around Rs 272 and higher. Daily RSI is sustaining around 35-37 levels.
Previously, in the last few occasions, the daily RSI has turned up from here, which was coincided with a sharp upside bounce in the stock price.
The overall chart pattern of Carborundum Universal Ltd indicate long trading opportunity. One may look to create positional long as per the levels mentioned above.
Buy Carborundum Universal Ltd @ 245-230 Up to 3 months CMP 243.55 TGT 300 SL 224
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