Technical Stock Pick - Buy Container Corporation Ltd For Target Rs. 560 - HDFC Securities
* After correcting from a high of 666 touched in October 2019, Container Corporation found support around the 263 levels in March 2020. These levels also roughly acted as resistances in 2010, implying the change of polarity principle at work.
* The stock has since then rebounded and been consistently making higher tops and higher bottoms over the last few months.
* Last week, the stock broke out of a 4 month consolidation on the back of above average volumes, thereby confirming a continuation of the intermediate uptrend.
* Technical indicators are giving positive signals as the stock is trading above the 20-day and 50-day SMA and momentum indicators like the 14-week RSI are in rising mode and not overbought.
* Weekly and Monthly Technical setups too are looking positive, which augurs well for the intermediate uptrend to continue.
* We believe the stock is ready to continue the next leg of its underlying uptrend and has the potential to move higher in the coming months. Our entry levels with stop loss and targets have been mentioned above.
Buy Container Corporation of India Ltd @ 432-442 CMP 441.35 TGT 560 SL 400
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