Published on 14/10/2020 12:55:07 PM | Source: HDFC Securities Ltd

Techno Funda Stock Pick - Buy Alok Industries Ltd For Target Rs. 33 - HDFC Securities

Posted in Broking Firm Views - Short Term Report| #Textiles Sector #Alok Industries Ltd. #HDFC Securities #Trading Report

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Techno Funda Stock Pick - Buy Alok Industries Ltd For Target Rs. 33HDFC Securities

Technical Observations:

* The attached daily chart of ALOKINDUS is showing bullish evidences as per medium to large degree.

* The stock price has been retracing the last sharp rise which is a downward retracement before next rise.

* The current bearish structure could take some more time to change to bullish.

* The falling leg from key top of 58.50 has started to lose momentum so the stock could turnaround in coming weeks.

* We have given wider range due to volatility in the stock price.

* The MACD oscillator is placed with buying signal after a long time which is also a positive signal for the stock.


Buy Alok Industries Ltd @ 2 quarters 21 - 19 CMP 21.50 TGT 33 SL 12.50


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