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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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