Stock Picks - Buy Ashiana Housing Ltd For Target Rs. 218 - ICICI Direct
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Technical Observations
* The share price of Ashiana Housing has logged a resolute breakout from a flag formation, indicating acceleration of upward momentum after past two weeks breather. Thereby offering fresh entry opportunity.
* We expect the stock to resolve higher and gradually head towards our earmarked target of | 218 levels in the coming week as it is the implied target of recent consolidation (| 198-180)
* Key point to highlight is that over past two weeks the stock has merely retraced 38% of preceding two weeks rally. The shallow retracement highlights inherent strength that augurs well for extension of next leg of up move
* It has immediate support at | 192 levels as it is 61.8% retracement of the current up move (| 180- 210)
* Among the oscillators the daily MACD is in up trend and is seen sustaining above its nine periods average thus validates positive bias.
Buy Ashiana Housing Ltd @ 199.00-205.00 TGT 218 SL 192
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