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Published on 7/08/2020 11:54:26 AM | Source: ICICI Direct

Stock Picks - Buy Tata Elxsi Ltd For Target Rs. 1082 - ICICI Direct

Posted in Broking Firm Views - Short Term Report| #IT Sector #Tata Elxsi Ltd. #Trading Report #ICICI Direct

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Stock Picks - Buy Tata Elxsi Ltd For Target Rs. 1082 - ICICI Direct

Technical Observations

* The stock is in strong up trend and has registered a breakout above the rising trendline joining the highs of April (| 860) and July (| 952) as can be seen in the adjacent chart signalling continuation of the positive momentum and offers fresh entry opportunity

* The 20 days EMA has acted as strong support for the stock in the entire up move since April, signalling a positive price structure. It is currently placed at | 930 levels and is expected to act as strong support going ahead

* The breakout from the rising trendline is supported by strong volume of double of the 200 days average volume of 7 lakhs share per day highlighting larger participation in the direction of trend

* Based on the above technical observations we expect the stock to continue with its positive momentum and head towards | 1082 levels as it is the price parity with previous up move (| 740 to 943) as projected from recent trough of |876 signals upside towards |1082 levels

Buy Tata Elxsi Ltd @  975.00-992.00 Target 1082.00 SL 930.00

 

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