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Published on 21/09/2020 12:01:48 PM | Source: ICICI Direct

Stock Picks - RPG Life Sciences and Cyient Ltd by ICICI Direct

Posted in Broking Firm Views - Short Term Report| #RPG Life Sciences Ltd #Cyient Ltd #Trading Report #ICICI Direct

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RPG Life Sciences

* The stock has registered a breakout above the last five weeks range (| 404-326) thus offers fresh entry opportunity to ride the next up move

* The share price has recently rebounded taking support at the previous breakout area and the 50 days EMA (currently at | 348) as can be seen in the adjacent chart signalling a positive price structure

* In case of any corrective decline buying demand is expected to emerge around | 377 levels being low of Friday and the 50% retracement of the current up move (| 326 to 426)

* The breakout on Friday’s session was supported by strong volume of more than three times the 50 days average volume of 1.7 Lakhs share per day indicating larger participation in the direction of trend

* Among the oscillators the daily MACD has generated a buy signal moving above its nine periods average thus validates positive bias

* Based on the above technical observations we expect the stock to head towards | 444 levels as it is the 123.6% external retracement of the previous breather (| 417 to 326)

Buy RPG Life Sciences Ltd @ 392.00-402.00  TGT 444.00 SL 377.00

 

CYIENT

* IT sector is outperforming and mid cap IT companies are catching up with their large caps exhibiting broad-based sector participation

* The share price of CYIENT has been resolving out of Flag formation after three weeks consolidation range of | 369-417, thus offering fresh entry opportunity

* The stock has formed a higher base above | 384 levels being the 20 days EMA. Volumes in Monday session were above 20 days average volume (5lacs per day)suggesting positive momentum to continue

* Among the oscillators 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 positive momentum and head towards | 465 levels being the measuring implication of the range breakout (417- 369=48points) added to the breakout area of | 417 signals upside towards | 465 levels (417+48)

Buy CYIENT Ltd @ 400.00-411.00 TGT 455,00 SL 384.00

 

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