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Published on 22/09/2022 11:11:20 AM | Source: ICICI Direct

Buy Devyani International Ltd for Target Rs 210 by ICICI Direct

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Devyani International Ltd

 Technical Observations

• The share price of Devyani International is seen resuming up move after a base around the 50 days EMA (Currently at | 183) and the recent range breakout area as can be seen in the adjacent chart thus offers fresh entry opportunity

• In the smaller time frame the stock has already taken five weeks to retrace just 61.8% of its preceding three weeks up move (| 155-215) A shallow retracement signals a higher base formation

• We expect the stock to maintain positive bias and head towards | 210 levels in the coming sessions as it is the 80% retracement of the recent breather (| 215-177)

• Among the oscillators the daily stochastic has generated a buy signal moving above its three periods average thus validates positive bias

 

Buy Devyani International Ltd for Target Rs : 210.00 Stop Loss : 186.00

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