IGI Logo

Technical Observations

* The stock after the last one months corrective decline is seen rebounding taking support at the rising trend line joining previous highs of March & May 2021 and the rising 50 days EMA thus offers fresh entry opportunity

* It is likely to continue its current up move and head towards | 195 levels as it is the 123.6% external retracement of its previous decline (|191—162)

* The stock has already taken 20 sessions to retrace just 61.8% of its previous 26 sessions up move (|142-191). A shallow retracement highlights positive price structure and a higher base formation

* The stock has immediate support at | 170 levels being the confluence of the 50 days EMA and the rising trend line support joining recent high as can be seen in the adjacent chart

* The daily 14 periods RSI has generated a buy signal moving above its nine periods average thus validates positive bias

Buy Bharat Electronics Ltd @ 176.00-180.00 TGT 195 SL 169

To Read Complete Report & Disclaimer Click Here

https://secure.icicidirect.com/Content/StaticData/Disclaimer.html

Above views are of the author and not of the website kindly read disclaimer