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Published on 29/05/2020 6:14:32 PM | Source: ICICI Direct

Stock Picks - Alkyl Amines Chemicals and Astec Life Sciences Ltd by ICICI Direct

Posted in Broking Firm Views - Short Term Report| #Trading Report #Alkyl Amines Chemicals Ltd #Astec LifeScience Ltd #ICICI Direct

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Alkyl Amines Chemicals (ALKAMI): Running breakout from rising channel signifies acceleration of upward momentum

Technical Outlook

* The stock has been one of the major out performer within Chemical space. Currently, stock has resolved out of long term rising channel on the back of rising volumes (as shown in adjoining chart), indicating acceleration of upward momentum, thereby offering fresh entry opportunity to ride next leg of up move

* On the oscillator front, monthly RSI bounced from bullish support zone of 60 and logged a bullish crossover, indicating strength thereby validating our positive stance

* We expect the stock to resolve higher towards Rs. 2430 levels as it is Implicated target of rising channel (Rs.1610 – 810) placed at Rs. 2410

 

Astec Life Sciences (ASTLIF): Falling trend line breakout confirms conclusion of corrective bias…

Technical Outlook

* The stock has logged a resolute breakout from past seven quarters falling trend line indicating conclusion of secondary corrective phase. Thereby offering fresh entry opportunity from long term prospective

* Structurally, it retraced more than 80% of preceding 7 quarters decline (Rs.783 – 305), at |690 in just a single quarter. Falling trend line breakout supported by potential faster pace of retracement signifies structural turnaround

* We expect the stock to undergo a higher base formation after a sharp up move seen during May 2020. Thus any dip from hereon should be capitalised as an incremental buying opportunity for next leg of up move towards Rs. 845 as it is 123.6% external retracement of last decline (Rs. 783 – 305), at Rs. 895

 

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