Stock Picks - Buy Bajaj Electricals Ltd For Target Rs. 1225 - ICICI Direct
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Technical Observations
* The stock after the last four months corrective decline is seen rebounding taking support at the lower band of the rising channel in place since April 2020 and the rising 20 weeks EMA (currently at | 1060) thus offers fresh entry opportunity
* It is likely to continue its current up move and head towards its recent all time high of | 1225 in the coming weeks
* The stock has already taken 16 weeks to retrace just 38.2% of its previous 18 weeks up move (| 520-1224). A shallow retracement highlights positive price structure and a higher base formation
* The stock has immediate support at | 1060 levels being the confluence of the 20 weeks EMA and the lower band of the rising channel
* The weekly 14 periods RSI has generated a buy signal moving above its nine periods average thus validates positive bias
Buy Bajaj Electricals Ltd @ 1108.00-1124.00 TGT 1225 SL 1060
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