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Published on 19/01/2021 1:58:06 PM | Source: ICICI Direct

Stock Picks - Buy Aditya Birla Fashion Ltd For Target Of Rs. 190 - ICICI Direct

Posted in Broking Firm Views - Short Term Report| #Retail Sector #Trading Report #Aditya Birla Fashion & Retail Ltd #ICICI Direct

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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

 

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