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Published on 17/11/2020 2:30:09 PM | Source: HDFC Securities Ltd

Technical Positional Pick - Buy Bombay Dyeing Ltd For Target Rs. 82 - HDFC Securities

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Technical Positional Pick - Buy Bombay Dyeing Ltd For Target Rs. 82HDFC Securities

OBSERVATIONS

The attached weekly timeframe chart of Bombay Dyeing and Manufacturing Company Ltd signal a larger range bound movement with positive bias.

The stock price is currently making an attempt to break above the larger consolidation at Rs 67.50-Rs 68 levels.

A sustainable move above this hurdle could have a sharp positive impact on the stock price ahead. We observe a larger degree of higher highs and higher lows.

Presently, the stock price is showing upmove from near the higher low of Rs 60.30 levels.

Volume is slowly expanding along with the upmove in the stock price and weekly RSI shows positive indication.

The overall chart pattern of BOMBYEING indicates long trading opportunity. One may look to create a positional long as per the levels mentioned above.

Buy Bombay Dyeing Ltd @ 66.50-62.25 Up to 3 months CMP 66.20 TGT 82 SL 60.60

 

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