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Published on 3/06/2020 12:26:31 PM | Source: ICICI Direct

Stock Picks - Buy Orient Electr Ltd For Target RS. 202 - ICICI Direct

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Technical Observations

* The stock has recently generated a breakout from the falling channel containing the last two months corrective consolidation and has also closed above the 200 days EMA placed at Rs.187 levels signalling resumption of the up move thus provides fresh entry opportunity

* The share price rebounded during mid May after taking support around the 80% retracement of the previous up move (Rs. 145-205) signalling formation of higher bottom and a positive price structure

* It has immediate support at Rs. 175- 172 levels being the confluence of the 50% retracement of the current up move (Rs. 152-191) and the upper band of the recent channel breakout area placed around Rs.175 levels

* Among oscillators, the daily MACD is in up trend and is seen sustaining above its nine periods average thus supports the positive bias in the stock

* Based on the above technical observations we expect the stock to continue with its positive momentum and head towards Rs. 202 levels being the confluence of the high of April 2020 and 38.2% retracement of the entire decline (Rs. 287-145) is also placed around Rs. 202 levels

Buy Orient Electr Ltd @182.00-186.00 Target 202.00 SL 172.00

 

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