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Technical Observations

* The stock is in strong up trend forming higher peak and higher trough in all time frame. It is seen resuming fresh up move after four weeks of breather, taking support at the 50 days EMA which has acted as strong support for the stock in the entire up move since May 2020, thus offers fresh entry opportunity

* The stock in the last four weeks formed a higher base above the preceding five months range breakout area (| 170-132) signalling strength and we expect it to extend the current up move towards | 207 levels in the coming weeks as it is the measuring implication of the recent range breakout (170- 132=38 points) added to the breakout area of | 170 signals upside towards | 208 levels

* The stock has witnessed a Change of Polarity as previous trendline resistance has reversed its role and acting as support as can be seen in the adjacent chart

* Among the oscillators the daily MACD has generated a buy signal moving above its nine periods average thus validates positive bias in the stock

Buy Bhansali Engineering Polymers Ltd @ 185.00-190.00 TGT 207 SL 175

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