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Published on 3/07/2020 10:08:07 AM | Source: ICICI Direct

Stock Picks - Buy Amara Raja Batteries Ltd For Target Rs. 748 - ICICI Direct

Posted in Broking Firm Views - Short Term Report| #Amara Raja Batteries Ltd #Auto Ancillaries Sector #Trading Report #ICICI Direct

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Technical Observations

* The stock has generated a breakout above the falling trendline joining highs of Jan’20 (| 813), Feb ‘20 (Rs.790) and Jun’20 (Rs. 689) signalling strength and continuation of the up move thus offering fresh entry opportunity

* It has recently formed a higher base above the 200 days EMA (placed at | 644) as can be seen in the adjacent chart signalling positive price structure

* We believe, the stock has strong support at Rs. 635 levels, as it is the confluence of the rising 200 days EMA (Rs. 644) and the almost identical lows of the last three weeks placed around Rs. 635 levels.

* Among oscillators, the daily 14 periods RSI has generated a buy signal moving above its nine periods average thus supports the positive bias in the stock

* We expect the stock to maintain positive bias and head towards Rs. 750 levels as it is the price parity of the previous up move from Rs. 536 to Rs. 685 (685-536=149 points) as projected from the June low of Rs. 601 signalling up side towards Rs. 750 (601+149=750) in the coming sessions

Buy Amara Raja Batteries Ltd @665.00-680.00  Target 748.00 SL 634.00

 

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