Stock Picks - Buy Bodal Chemicals Ltd For Target Rs.113.00 - ICICI Direct
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Technical Observations
The chemical space is in strong up trend as most of the chemical stocks are in secular up trend forming higher peak and higher trough in all time frame. The share price of Bodal chemical remain in positive trend and is at the cusp of breakout above last seven weeks consolidation range (| 105-86) signalling strength and continuation of the up trend thus offers fresh entry opportunity
The stocks is expected to head towards | 113 levels in the coming weeks as it is the 123.6% external retracement of the previous decline (|110-86) placed around | 113 levels
The stock is seen rebounding after forming a higher base above multi year breakout area around | 87-90 range, highlighting change of polarity as previous resistance has reversed its role and acting as support
The weekly MACD is in rising trajectory and is seen rebounding taking support at its nine periods average thus validates positive bias
Buy Bodal Chemicals Ltd @ 100.00-103.00 TGT 113.00 SL 94.00
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