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Published on 19/10/2020 12:37:46 PM | Source: ICICI Direct

Stock Picks - Buy Voltas Ltd For Target Rs. 775 - ICICI Direct

Posted in Broking Firm Views - Short Term Report| #Voltas Ltd. #Trading Report #ICICI Direct

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Technical Observations

* The stock is at the cusp of breakout above the last one months consolidation range signalling resumption of up move and offers fresh entry opportunity.

* The stock has retraced its 10 sessions decline (| 698-656) in just three sessions. A faster retracement in less than half the time interval signals a robust price structure

* The base of the recent consolidation is placed at the rising 50 days EMA as can be seen in the adjacent chart and is currently placed at | 654. It is likely to act as major support in the short term

* Among the oscillators, the daily 14 periods RSI has generated a bullish crossover above its nine periods average thus validates positive bias in the stock.

* We expect the stock to continue with its current up move and test levels of | 775 in the coming sessions as it is the 161.8% extension of the previous up move | 625 to | 713 as projected from the recent low | 640 signalling upside towards | 775 levels

 

Buy Voltas Ltd @ 685.00-702.00 TGT 775 SL 654.00

 

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