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Published on 20/02/2020 11:32:08 AM | Source: ICICI Direct Ltd

Momentum Picks - Orient Electric Ltd For Target Rs.293 By ICICI Direct

Posted in Broking Firm Views - Short Term Report| #Trading Report #ICICI Direct #Consumer Durables Sector #Orient Electric Ltd

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Technical Observations

* The stock is in a strong up trend forming higher high, higher low in all time frames. The entire up move in the last four months has taken a shape of a rising channel formation. Recently, the stock resolved out of rising channel, indicating acceleration of upward momentum boding well for the stock to head towards | 293 in coming weeks

* The stock has immediate support at | 256 as it is the 50% retracement of the current up move from (| 237 to | 277), placed at | 257, coinciding with 10 days EMA placed at | 256

* The daily MACD is pointing upward while diverging from its nine period average indicating acceleration of upward momentum

* We expect the stock to continue its uptrend and head towards | 293 in coming sessions as it is price parity of last up move (| 206–256), projected from | 235 is at | 293

Recommendation

Buy Orient Electric Ltd @ 267.00 - 273.00 SL 256.00 Target 293.00

 

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