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Published on 26/02/2020 11:29:24 AM | Source: ICICI Direct

Momentum Picks - Aarti Industries Ltd For Target Rs.1105 By ICICI Direct

Posted in Broking Firm Views - Short Term Report| #Chemicals Sector #Aarti Industries Ltd #Trading Report #ICICI Direct

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Technical Observations

* The stock is in a structural up trend forming higher peak and higher troughs in all time frame. It is currently testing the upper band of the last four week’s consolidating range of | 1030 to 955. We expect the stock to resolve higher above the recent consolidation area, thus offering a fresh entry opportunity

* The share price has recently registered a resolute breakout above the falling channel containing the last six month’s up move signalling strength and acceleration of the up move

* The immediate support is at 955 as it is the upper band of the recent rising channel breakout area and the lower band of the last four week’s consolidation

* Going ahead, we expect the stock to extend the ongoing upward momentum and head towards | 1105 as is the price parity of the previous up move (| 855 to 1032) as projected from the recent trough of | 927 signals upside towards | 1105 levels

 

Recommendation

Buy Aarti Industries Ltd @ 995.00 - 1025.00 SL 950.00 Target 1105.00

 

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