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Published on 23/06/2020 11:49:05 AM | Source: ICICI Direct

Stock Picks - Buy Bharat Dynamics Ltd For Target Rs. 296 - ICICI Direct

Posted in Broking Firm Views - Short Term Report| #Engineering Sector #Trading Report #ICICI Direct #Bharat Dynamics Ltd

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Technical Observations

* The stock during current week has registered a resolute breakout above the last two months consolidation range (Rs. 259-207). In the process it has also closed above the 200 days EMA placed at Rs.261 levels highlighting strength and provides fresh entry opportunity with favourable risk reward set up

* The breakout from the consolidation pattern is supported by strong volumes of more than three times the 50-day average volume of (1.8 lacs share per day) signalling larger participation in the direction of trend

* It has immediate support at Rs. 248 levels being the 50% retracement of the current up move (| 224- 277) placed around 248 levels

* Among oscillators, the daily MACD is in up trend and is seen sustaining above its nine periods average, thus supports the positive bias in the stock

* Based on the above technical observations we expect the stock to continue with its positive momentum and head towards Rs. 296 levels being 138.2% extension of the previous up move (Rs. 207 to Rs. 259) as projected from the recent trough of 224 signalling upside towards Rs. 296 in the coming sessions

Buy Bharat Dynamics Ltd @ 262.00-270.00  Target 296.00 SL 247.00

 

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