MTF Stock Pick Buy Balmer Lawrie & Company Ltd For Target Rs. 154 - HDFC Securities
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MTF Stock Pick Buy Balmer Lawrie & Company Ltd For Target Rs. 154 - HDFC Securities
The attached weekly timeframe chart of Balmer Lawrie & Company Ltd indicate an uptrend over the last few months with high volatility.
We observe a formation of bullish pattern like higher tops and bottoms, which is unfolding over the last 3-4 months.
The recent swing low of Rs 115.80 of later part of April could be considered as a new higher bottom of the sequence. Hence, the present uptrend is likely to continue for some more period to confirm a higher top.
Weekly 14 period RSI is making an attempt to move above 60. Its sustainable move above 60-62 levels could mean further strengthening of upside momentum in the stock price.
The overall chart pattern of BALMLAWRIE indicate long trading opportunity. One may look to create positional long as per the levels mentioned above.
Buy Balmer Lawrie & Company Ltd Up to 3 Months @ 140-129.50 CMP 138.45 TGT 154 SL 126
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