Technical Observations

* The stock has generated a breakout above the last 11 weeks range (| 172-147) signalling strength and resumption of up move thus offers fresh entry opportunity

* The entire up move since bottoming out in May 2020 (| 96) has been well channelled signalling sustained demand at elevated levels. The stock has recently rebounded taking support at the lower band of the channel indicating positive price structure

* In case of any corrective decline, we expect buying demand to emerge around | 160-163 levels as it is the confluence of the lower band of the rising channel in place since May and the rising 52 weeks EMA currently placed around | 160 levels

* Among the oscillators the weekly 14 periods RSI is in up trend and is seen rebounding taking support at its nine periods average thus validates positive bias

* We expect the stock to continue with its current up move and head towards | 190 levels as it is the 50% retracement of the entire CY20 decline (| 281 to 96) placed around | 190 levels

Buy Aditya Birla Fashion Ltd @ 170.00-174.00 TGT 190.00 SL 160.00

To Read Complete Report & Disclaimer Click Here

For More ICICI Direct Disclaimer http://icicidirect.com/disclaimer.html
SEBI Registration number is INZ000183631

Above views are of the author and not of the website kindly read disclaimer