Stock Picks - Buy Brigade Enterprise Ltd For Target Of Rs. 310 - ICICI Direct
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Technical Observations
* The stock has recently generated a resolute breakout above the long term supply line joining the highs of January 2018 (| 234) and February 2020 (| 255) highlighting strength and offers fresh entry opportunity
* The share price has witnessed a faster retracement of recent 11 sessions decline (| 281 to 222) in just seven sessions, indicating a robust price structure
* The stock has immediate support at | 265 levels as it the confluence of the last Friday’s low and 38.2% retracement of the current up move (| 221 to 292)
* The weekly MACD is seen taking support at its nine periods average thus validates positive bias
* We expect stock to continue with its current momentum and head towards | 310 levels as it the 161.8% external retracement of the recent breather (| 281 to 221)
Buy Brigade Enterprise Ltd @ 279.00-284.00 TGT 310.00 SL 264.00
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