Stock Picks - Buy Container Corporation Of India Ltd For Target Rs. 785 - ICICI Direct
Technical Observations
* The share price of Container corporation of India has seen strong buying demand after taking support at previous breakout area around |630 coinciding with 20 week EMA signaling resumption of uptrend and fresh entry opportunity
* Going ahead we expect the stock to endure its current up move and head towards | 785 levels as it is the 138.2% external retracement of recent decline (|748—628)
* The key point to highlight is that the stock has held above its 20 week EMA since December 2020,which has acted as strong support, suggesting inherent strength.
* The stock has also retraced more than 80% of its 13 week decline in just one week. A faster retracement signals a robust price structure
* The weekly 14 periods RSI has generated bullish crossover above its nine periods average thus validates positive bias
Buy Container Corporation Of India Ltd @ 718.00-728.00 TGT 785 SL 685
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