Stock Picks - Buy Graphite India Ltd For Target Rs.702- ICICI Direct
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Technical Observations
* The stock is in steady up trend forming higher peak and higher trough. It is seen resuming its primary uptrend after testing its 20 days EMA (currently at | 590). It has acted a strong support for the stock in the entire up move since November 2020, thus offers fresh entry opportunity
* The share price of Graphite India after last eight session’s secondary corrective decline is expected to resume up move and head towards | 702 levels in the coming sessions as it is the 80% retracement of the recent breather (740-570)
* The stock has already taken eight session to retrace just 61.8% of the preceding six sessions up move (| 482 to 740). A shallow retracement signals a robust price structure and a higher base formation
* The daily stochastic is seen rebounding after taking support at the rising trendline joining previous lows and has recently generated a buy signals thus supports the positive bias
Buy Philips Carbon Ltd @ 630.00-643.00 TGT 702.00 SL 605.00
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