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Technical Observations

* has rebounded after taking support at 61.8% retracement of recent upmove (|630-731) coincided with 20 days EMA signaling resumption of uptrend and fresh entry opportunity

* Going ahead we expect it to endure its current up move and head towards | 765 levels as it is the 161.8% external retracement of its recent breather (|731—675)

* The recent price rise was accompanied by strong volumes which was 8 times its average 200 day volume (23 lacs) and post that the throwback was on lower volumes, suggesting inherent strength

* The stock has immediate support at | 656 levels being the 80 % retracement of recent upmove

* The daily 14 periods RSI has generated a buy signal moving above its nine periods average thus validates positive bias

Buy United Spirits Ltd @ 690.00-705.00 TGT 765 SL 656

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