Published on 9/06/2021 11:25:24 AM | Source: ICICI Direct

Stock Picks - Buy Rupa and Company Ltd For Target Rs. 520 - ICICI Direct

Posted in Broking Firm Views - Short Term Report| #Textiles Sector #Rupa and Company Ltd #Trading Report #ICICI Direct

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Technical Observations

* The textile space has seen structural turnaround. Within this space we remain positive on Rupa. It has been in secular uptrend forming higher high higher low on all time frames

* After strong up move of the last three week the stock has taken breather in last four sessions. It Tuesday session it rebounded taking support at the recent bullish gap area of 1 st June signaling resumption of up move and fresh entry opportunity

* We expect the stock to head towards | 520 levels in the coming weeks being the 138.2% external retracement of recent decline(505-448)

* The recent price rise is supported by strong volume of more than 10 times the 200 days average volume of 2 lakhs share per day highlighting larger participation in direction of the trend

* The daily MACD is in rising trajectory diverging from its nine periods average thus validates positive bias

Buy Rupa and Company Ltd @ 465.00-478.00 TGT  520.00 SL 442.00


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