Technical Observations

* The stock is at the cusp of a consolidation range breakout of the last three months ( | 165-140) signalling a resumption of up move and offers fresh entry opportunity.

* The base of the entire consolidation is placed at the 100 days EMA signalling strength and a roust price structure

* Structurally the stock has already taken 13 weeks to retrace just 61.8% of the previous five weeks up move (| 123-165). A shallow retracement of the previous up move signals a robust price structure and a higher base formation

* The stock has immediate support around the 100 days EMA placed around | 149 levels

* Among the oscillators the daily MACD(12,26,9) has recently generated a buy signal moving above its nine periods average thus supports the positive bias in the stock

* We expect the stock to continue with its positive momentum and head towards | 173 levels as it is the 138.2% external retracement of the entire consolidation range (| 165-140) placed around | 173 levels

Buy Balrampur Chini Mills Ltd @ 156.00-160.00 TGT 173.00 SL 149.00

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