Stock Picks - Buy Bodal Chemicals Ltd For Target Rs. 156 - ICICI Direct
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Technical Observations
* The chemical stocks continued with there secular up trend forming higher peak and higher trough in all time frame.
* The share price of Bodal Chemicals has generated a breakout above a bullish Flag pattern signaling continuation of the up trend and offers fresh entry opportunity
* We expect the stock to maintain positive bias and head towards | 156 levels as it is the 138.2% external retracement of the recent breather (| 150-135) placed around | 156 levels
* In a smaller time frame the stock has retraced its four sessions decline (| 150-135) in just one session highlighting robust price structure
* Among the oscillators the daily MACD is in strong up trend and is seen diverging from its nine periods average thus validates positive bias
Buy Bodal Chemicals Limited @ 140.00-144.00 TGT 156 SL 136
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