Stock Picks - Filatex India For Target Of Rs. 75.00 - ICICI Direct
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Technical Observations
* The stock has generated a resolute breakout above the falling channel containing the corrective decline of the last five weeks signalling strength and resumption of the up move thus provides fresh entry opportunity
* The share price has already taken more than five weeks to retrace just 50% of the previous three weeks rally (| 39 to 72). A shallow retracement signals a robust price structure and a higher base formation
* We believe, The stock has immediate support at | 62 levels as it is the confluence of the recent breakout area and 61.8% retracement of the current up move (| 57 to 69)
* The daily 14 periods RSI has generated a buy signal moving above its nine periods average thus validates positive bias
* We expect the stock to continue with its current positive momentum and head towards | 75 levels as it the 123.6% external retracement of the recent breather (| 72 to 55) placed at | 75 levels
Buy Filatex India @ 65.00-68.00 TGT 75.00 SL 62.00
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