Stock of the week - Buy Metro Brands Ltd For Target Rs. 735 By GEPL Capital
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Observation
* On Daily chart, METROBRAND has been moving in a sideways action since January 2022 , In the latest trading session prices gave a breakout from Double bottom as well as rectangle pattern.
* On daily timeframe we can witness a shortfall in the rectangle pattern, the breakout was followed by huge volumes.
* On the weekly charts the stock has been taking strong support at 50 Day EMA since February 2022 indicating strong positive undertone for the medium term..
* RSI indicator plotted on Daily timeframe is rising and above 60 mark, Indicating a strong momentum in the stock.
Inference & Expectations
* Breakout is supported by the volumes and indicator evidence, indicating strength in existing trend.
* Going ahead we expect the stock to move higher towards 730 level.
* The level of 570 will act as a major support on the downside.
Buy Metro Brands Ltd at CMP: Rs 620 | Target: Rs 735 (19%)| SL: Rs 570
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