Stock Picks - Buy Balrampur Chini Mills Ltd For Target Of Rs.390 - ICICI Direct
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Technical Observations
* The share price of Balrampur Chinni is witnessing buying demand from the support area of | 340 being the 80% retracement of previous major rally of December 2021- March 2022 (| 299-525). Thus offering fresh entry opportunity with favorable risk reward set up.
* Buying demand is seen emerging from the extreme oversold territory and we expect the stock to witness pullback in the coming sessions
* We expect the stock to resume up move and head towards | 390 levels in the coming weeks as it is the 61.8% retracement of the recent decline (| 418-337)
* Among the oscillators the daily Stochastics is rebounding from oversold territory and has generated a buy signal thus validates positive bias.
Buy Balrampur Chinni Ltd @ 357.00-363.00 TGT 390.00 SL 336.00
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