Stock Picks - Buy Bharat Dynamics For Target Of Rs. 410.00 - ICICI Direct
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Technical Observations
* The stock is in steady up trend forming higher high-low in the monthly chart. The entire up move since October 2020 is well channelled signalling sustained demand at elevated levels
* The stock has recently rebounded taking support at the lower band of the rising channel and 52 weeks which has acted as strong support for the stock in the last four months consolidation. Hence, offers fresh entry opportunity with a favourable risk reward set up
* It has immediate support at | 355 levels as it is the confluence of the current week low and 61.8% retracement of the current up move (| 337-385) placed at | 355 levels
* The weekly 14 periods RSI is in up trend and is rebounding taking support at its nine periods average thus validates positive bias in the stock
* Based on the above technical observations, we expect the stock to continue with its current positive momentum and head towards | 410 levels as it the confluence of the upper band of the rising channel in place since October 2020 and 61.8% retracement of the previous major decline (|481 to 280)
Buy Bharat Dynamics @ 370.00-375.00 TGT 410.00 SL 349.00
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