Stock Picks - Buy Radico Khaitan Ltd For Target Rs. 618.00 - ICICI Direct
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Technical Observations
The stock has witnessed a change of Polarity as previous major multi year breakout area joining previous major highs of CY’18 has reversed its role and acted as support as can be seen in the adjacent chart. The stock has witnessed a strong rebound from the support area signalling resilience and offers fresh entry opportunity
We expect the stock to head towards | 618 levels in the coming weeks being the 80% retracement of the entire decline (| 650-494) placed around | 618 levels
The stock has taken seven weeks to retrace just 90% of the preceding five weeks rally (| 480 to 650). A shallow retracement signals a robust price structure and a higher base formation
The weekly stochastic has generated a buy signal moving above its three periods average thus validates positive bias in the stock
Buy Radico Khaitan Ltd @ 555.00-565.00 TGT 618.00 SL 528.00
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