Stock Idea - Bombay Dyeing & Manufacturing Company Ltd By Choice Broking
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Ona monthly chart, the stock has confirmed the consolidation breakout and moved above the prior month high of 118.3 levels, which indicates bullish strength in the stock
On a weekly timeframe, the price has given a Rising Channel breakout and sustained Upside ith rising volume activities.
The price has traded above Ichimoku Cloud & Upper Bollinger Band formation, which suggests astrong bullish trend for the long term.
The price has also settled above 50-weeks Exponential Moving Averages that signals a positive trend in the stock
Ona daily scale, the price has been trading upward consecutively from the last five trading sessions along with the high volume activity, which point-out buying interest among the trades.
Amomentum indicator RSI, Stochastic & MACD is s aswell as weekly gesting positive crossover on a daily rt that supports the positive trend for the long term.
Hence, based on the above technical structure one can initiate a long position in BOMDYEING at CMP 120 or a fall in the price till 115 levels can be used as buying opportunity for the upside target of 140-150 while the support is placed at around 100 or 95 levels soa stop loss on aclosing basis of 95 should be placed at lower levels.
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