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Published on 17/09/2020 11:34:57 AM | Source: ICICI Direct

Stock Pick - Buy Himatsingka Seide Ltd For Target Rs. 96 - ICICI Direct

Posted in Broking Firm Views - Short Term Report| #Himatsingka Siede Ltd. #Textiles Sector #Trading Report #ICICI Direct

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Technical Observations

* The entire up move since May low of | 45 is well channelled signalling sustaining demand at elevated levels. The stock has recently rebounded from the lower band of the rising channel and 50 days EMA (Currently at | 75) as can be seen in the adjacent chart thus offering fresh entry opportunity with a favourable risk reward set up.

* The stock has already taken 15 sessions to retrace just 80% of the previous 14 sessions up move (| 69 to 96). A slower retracement signals a robust price structure and a higher base formation

* The stock has immediate support at | 79 levels being low of Wednesday and the 61.8% retracement of the current up move (|73 to 89)

* Among the oscillators the daily 14 periods RSI has generated a buy signal moving above its nine periods average thus validates positive bias

* Based on the above technical observations we expect the stock to head towards | 96 levels as it is the confluence of the high of August 2020 and the 50% retracement entire CY’20 decline ( | 147 to 43)

 

Buy Himatsingka Seide Ltd @ 85.00-87.00 TGT 96.00 SL 78.00

 

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