Stock Picks - Buy Care Ratings Ltd For Target Rs. 574.00 - ICICI Direct
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Technical Observations
The stock has generated a breakout above a falling supply line joining highs since January 2020 (|720) signalling resumption of up move and offers fresh entry opportunity
It is also seen sustaining above its 52 weeks EMA (currently at | 475 levels) indicating positive bias. It is expected to head towards | 574 levels in the coming weeks as it is the 80% retracement of the previous decline (| 608-407)
The stock has already taken 20 weeks to retrace just 61.8% of the preceding five weeks up move (| 297-608). A shallow retracement signals a higher base formation and a robust price structure
Among the oscillators the weekly 14 periods RSI has recently generated a buy signal moving above its nine periods average thus supports the positive bias
Buy Care Ratings ltd @ 515.00-528.00 TGT 574.00 SL 494.00
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