MTF Stock Pick Buy Balmer Lawrie and Company Ltd For Target Rs. 170 - HDFC Securities
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MTF Stock Pick Buy Balmer Lawrie & Co. Ltd For Target Rs. 170 - HDFC Securities
TECHNICAL OBSERVATIONS
* The attached daily timeframe chart of Balmlawrie which was moving sideways from last several sessions but in today sessions it has given a breakout with higher volumes.
* We observe a formation of bullish pattern on daily and weekly time frame.
* The stock is continuously trading above 21 EMA from last 8 sessions and breached above downward sloping trend line.
* Momentum oscillators like RSI and MACD are giving bullish indication suggesting bullish movement for the stock for few more weeks.
* The overall chart pattern of Balmlawrie indicates long trading opportunity. One may look to create positional long as per the levels mentioned above.
Buy Balmer Lawrie & Co. Ltd Up to 3 months @ Add on dips 130 CMP 140.50 TGT 170 SL 124
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