Emargin Positional Pick - Buy Engineers India Ltd For Target Rs. 93 - HDFC Securities
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TECHNICAL OBSERVATIONS
* Engineers India is in a short term uptrend as it has been making higher tops and higher bottoms for the last several sessions and has taken out its previous swing high of 76.35 in the process.
* On Thursday, the stock broke out of the 71-76 recent trading range on the back of above average volumes.
* Technical indicators are giving positive signals as the stock is trading above the 20 day and 50 day SMA. Daily momentum indicators like the 14-day RSI have bounced back from oversold levels and are in rising mode now. This augurs well for the uptrend to continue.
* With the intermediate technical setup too looking positive, we believe the stock has the potential to move higher in the coming weeks and therefore recommend a buy. Our entry levels with stop loss and targets have been mentioned above.
Buy Engineers India Ltd Up to 1-3 Months @ Buying Range 74.5-77.3 CMP 77.30 TGT 93 SL 72
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