Stock Picks - Buy Triveni Engineering Ltd For Target Rs. 207 - ICICI Direct
Technical Observations
* The sugar stocks are in structural up trend forming higher peak and higher trough in all time frame. They are seen rebounding after one month of breather.
* The share price of Triveni Engineering has registered a breakout above a falling channel containing last one months corrective decline thus offers fresh entry opportunity
* We expect the stock to continue with its positive momentum and head towards its recent high of | 209 in the coming weeks.
* Stock has formed a potential double bottom at the previous breakout area of | 160 as can be seen in the adjacent chart.
* The 50 days EMA has acted a strong support for the stock in the entire up move since June 2020. The stock has recently rebounded taking support at the 50 days EMA (currently placed at | 177 levels) signalling positive price structure
* Among the oscillators the daily 14 periods RSI has recently generated a buy signal moving above its nine periods average thus supports the positive bias
Buy Triveni Engineering ltd @ 184.00-190.00 TGT 207 SL 177
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