Stock Picks - Buy Tata Metaliks Ltd For Target Rs. 985 - ICICI Direct
Technical Observations
The stock has recently generated a breakout above the last two months range (| 843-665) signalling strength and continuation of the up move thus offers fresh entry opportunity
We expect the stock to continue with its positive momentum and head towards | 985 levels as it is the 123.6% external retracement of the last two months breather (| 934-665) placed at | 985 levels
The stock has recently rebounded after forming a higher base at the previous major trendline breakout area as can be seen in the adjacent chart highlighting a Change of Polarity as previous resistance has reversed its role and acting as support
The Weekly MACD is in strong up trend and is seen taking support at its nine periods average thus validates positive bias
Buy Tata Metaliks Ltd @ 875.00-900.00 TGT 985.00 SL 835.00
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