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MTF Stock Pick  Buy Rites LTD  For Target Rs. 280 - HDFC Securities 

TECHNICAL OBSERVATIONS

The attached weekly timeframe chart of RITES indicate a sharp upside bounce in the early part of this week.

After showing a range movement in the last few weeks, the stock price has moved up sharply and is now placed to stage upside breakout of the triangle type pattern at Rs 265.

Hence a sustainable move above Rs 265 could open a potential upside pattern target of around Rs 290 and higher over the period of time.

Weekly 14 period RSI is making an attempt to move above 60 levels

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

Buy Rites LTD Up to 3 months  @ Add on dips 238 CMP 253.30 TGT 280 SL 232

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