Stock Picks - Buy Ashiana housing Ltd For Target Rs. 190 - ICICI Direct
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Technical Observations
* The real estate space is witnessing a breakout above a decade long consolidation with most of the stocks forming higher peak and higher trough in all time frame.
* The share price of Ashiana Housing has generated a resolute breakout above the bullish Flag pattern signalling continuation of the up move and offers fresh entry opportunity
* We expect the stock to continue with its positive momentum and head towards | 190 levels as it is the measuring implication of the last one weeks range breakout (| 174-159) signalling upside towards | 190 levels in the coming weeks
* The recent up move and breakout above the bullish Flag pattern is supported by strong volume of more than three times the 50 days average volume of 2.7 lakhs share per day highlighting larger participation in the direction of trend
* Among the oscillators the daily 14 periods RSI has recently generated a buy signal moving above its nine periods average thus supports the positive bias
Buy Ashiana housing ltd @ 171.00-175.00 TGT 190 SL 164
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