Stock Picks - Buy Container Corporation of India Ltd For Target Rs.693 - ICICI Direct
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Technical Observations
* The Nifty PSE index is seen rebounding from near the 100 days EMA and is at the cusp of breaking above the December high (4005) signaling resumption of up move. Among the PSU stocks we remain constructive on Container corporation of India which is seen rebounding after a base around the 200 days EMA thus provides favourable riskreward set up
* The stock during current week trade has generated a breakout above a falling supply line joining highs of November 2021 (| 710) and December (|656) signaling resumption of up move and offers fresh entry opportunity
* The base of the recent consolidation is placed at the 200 days EMA ( currently placed at | 620) and the rising demand line joining the lows since March 2021 as can be seen in the adjacent chart signaling positive price structure
* We expect the stock to resume up move and head towards | 693 levels being the 61.8% retracement of the entire decline (| 754-582)
* Among the oscillators the daily 14 periods RSI has recently generated a buy signal and is in uptrend thus validates positive bias
Buy Container Corporation of India Ltd @ 625.00-637.00 TGT 693 SL 599
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