Gladiator Stocks - Buy Graphite India Ltd For Target Of Rs. 520 - ICICI Direct
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Technical Outlook
* The share price of Graphite India recently logged a resolute breakout from one and half year base formation (| 384-103) on the back of highest weekly volume since September 2019, signifying resumption of primary up trend. This augurs well for next leg of up move from medium term perspective
* The price action since March 2020 has taken the shape of a rising channel formation (as shown in chart), indicating elevated buying demand. We expect the rising trajectory of the stock to endure and gradually head towards | 520 in coming months as it is upper band of rising channel, around | 535
* Structurally, the stock has formed a higher peak and trough on the yearly chart, after three year’s corrective phase, indicating rejuvenation of major up trend
* The stock has witnessed buying demand in the vicinity of 10 weeks EMA, which has been held on multiple occasions since April 2020. We believe the strong support is currently at | 385 as it is 50% retracement of past two weeks up move (| 308-449), at | 378
Buy Graphite India Ltd @ 428.00-438.00 TGT 520.00 SL 385.00
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