Published on 3/06/2020 12:35:58 PM | Source: ICICI Direct

Stock Picks - Buy Tata Elxsi Ltd For Target Rs. 910 - ICICI Direct

Posted in Broking Firm Views - Short Term Report| #Tata Elxsi Ltd. #Trading Report #ICICI Direct

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Technical Observations

* The stock logged a resolute breakout from the downward sloping channel formation on the back of rising volumes, indicating continuance of positive momentum. Thereby offering fresh entry opportunity to ride next leg of up move

* It has already taken 24 sessions to retrace merely 38.2% of the previous 19 sessions up move Rs. 500-860 and formed a higher base above 200 days SMA, placed at 785. A slower retracement signals indicates inherent strength

* We believe, the stock has immediate support at | 748 as it is near lower band of the consolidation (Rs. 740)

* Among oscillators, the daily RSI generated bullish crossover, thus validating our positive bias

* We expect the stock to accelerate upward momentum and head towards Rs. 910 levels being the 138.2% external retracement of the last decline (Rs. 860-740) placed around Rs. 906 levels

Buy Tata Elxsi Ltd @790.00-810.00  Target 910.00  SL 748.00


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