Stock Picks - Buy Brigade Enterprises Ltd For Target Rs. 492 - ICICI Direct
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Technical Observations
* Realty stocks continue to remain resilient in the current profit booking in the broader market. We expect the realty stocks to continue its outperformance. One of the preferred pick within the realty stocks is Brigade Enterprises.
* The stock is seen rebounding taking support at the lower band of the rising channel in place since September 2021 and rising 20 days EMA (currently at | 442), thus offers fresh entry opportunity
* We expect the stock to maintain positive bias and head higher towards its recent all time high placed around | 496 levels in the coming weeks
* The stock has immediate support at | 427 levels as it is the confluence of the Friday’s low and 20 days EMA as can be seen in the adjacent chart
* The daily 14 periods RSI is at the cusp of generating a buy signal moving above its nine periods average thus validates positive bias
Buy Brigade Enterprises Ltd @ 445.00-455.00 TGT 492 SL 427
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