Technical Positional Pick - Buy KNR Constructions Ltd For Target Rs. 228 - HDFC Securities
The attached weekly timeframe chart of KNR Constructions Ltd indicate a gradual down trend in the last few months till last week.
The stock price has witnessed a sustainable upside bounce so far and is currently trading higher. This is signaling a formation of bullish flag or pennant type pattern.
Hence a sustainable upmove above the upside breakout point of Rs 212-213 levels could open a sharp trended upmove in the stock price ahead.
Weekly 14 period RSI has turned up from near 60 levels, which indicate strengthening of upside momentum in the stock price.
The overall chart pattern of KNRCON indicate a long trading opportunity. One may look to create positional long as per the levels mentioned above.
Buy KNR Constructions Ltd Up to 3 months @ Buy between 209-194 CMP 206.75 TGT 228 SL 189
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