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MTF Stock Pick Buy Garden Reach Shipbuilders & Engineers Ltd For Target Rs. 222 - HDFC Securities 

TECHNICAL OBSERVATIONS

After showing downward correction from the hurdle of Rs 214, the stock price witnessed reasonable downward correction in the last five sessions

The stock price has shifted into a sharp upside bounce on Tuesday from the lower support and is expected to retest the upper resistance of Rs 214-215 levels in the coming sessions.

We also observe a formation of bullish engulfing type candle pattern on the daily chart, which signal bullish reversal pattern.

Volume pattern, weekly RSI and weekly DMI/ADX are showing positive trend. This could suggest further strengthening of upside momentum in the stock price

The overall chart pattern of GRSE indicate long trading opportunity. One may look to create positional long as per the levels mentioned above.

Buy Garden Reach Shipbuilders & Engineers Ltd Up to 3 Months @ Add on dips 188 CMP 200.75 TGT 222 SL 183

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