Stock Picks - Buy CARE Ratings Ltd For Target Rs. 760 - ICICI Direct
Technical Observations
* The share price of Care Rating has rebounded after a higher base formation at the lower band of rising channel in place since March 2021 and 20 weeks EMA signaling resumption of the up move and offers fresh entry opportunity
* Going ahead we expect the stock to resume up move and head towards | 760 levels as it is the 80% retracement of last decline (|791—640)
* The key point to highlight is that the stock has seen shallow retracement as its has retraced just 38.2% in 10 weeks against an up move of preceding 12 weeks (|433-791), signaling inherent strength
* The weekly RSI has generated a bullish crossover above its nine periods average thus validates positive bias in the stock
Buy CARE Ratings Ltd @ 710.00-725.00 TGT 760 SL 688
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