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Published on 9/06/2021 11:10:10 AM | Source: ICICI Direct

Stock Picks - Buy Intellect Design Arena Ltd For Target Rs. 845 - ICICI Direct

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Technical Observations

* The stock is rebounding after a higher base formation above the 34 days EMA (currently placed at | 730) which has acted as a major value area in the entire up move since June 2020.

* In the process it has registered a breakout above the falling trendline joining recent highs of 10th May 2021(| 848) and 25th May 2021 (| 794) signalling resumption of the primary up trend, that makes us confident to believe, stock would resolve higher and head towards its all time high | 848 in the coming weeks

* The stock has already taken 20 sessions to retrace just 61.8% of the preceding 18 sessions up move (| 635-848). A shallow retracement signals strength and a higher base formation

* Among the oscillators the daily 14 periods RSI has recently generated a bullish crossover above its nine periods average thus validates positive bias

Buy Intellect Design Arena Ltd @ 755.00-770.00 TGT  845.00 SL 720.00

 

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