Technical Stock Pick - Buy BOMDYEING Ltd For Target Rs. 86 - HDFC Securities
* Thesharp trended decline in this stock(BOMDYEING)seems to be over. We observe an excellentupside bounce in the last one month.
* We observe a formation of higher bottom at Rs 44.15(later May 20)and the stockprice is now placed near the formation of new higher top. The uptrend is intact and still there is no indication of any higher top reversal at the highs.
* The stock price is now placed at the key overhead resistance of Rs 76 (green resistance line, connecting multi lower highs).Hence, a sustainable move above Rs 76 could have a sharp positive impact on the stock price ahead.
* Weekly 8 period MACD signal positive crossoverindication. This could mean further strengthening of upside momentum in the stock priceahead.
* The overall positive chart pattern could signallong trade setup in BOMDYEING. One may look to create a long trading position as per the levels mentioned above
Buy BOMDYEING Ltd Up to 3 Months @ 77.50-71.75 CMP 76.40 Target 86 SL 69.50
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