Stock Picks - Buy Dhampur Sugar Mills Ltd For Target Rs.374 - ICICI Direct
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Technical Observations
* The sugar sector is in structural bull trend. The share price of Dhampur sugar has seen healthy base formation near its 200 day EMA. Among the Sugar stocks Dhampur Sugar is our preferred picks which we expect to outperform
* The stock has witnessed breakout in last week and in the current week its has retested its breakout area and is seen rebounding signaling positive price structure, thus offering fresh entry opportunity
* Key point to highlight is that stock has undergone basing formation above 200 day EMA and going ahead we expect the stock to head towards | 374 being the measuring implication of recent range breakout (| 270- 330)
* The recent breakout was accompanied by strong volumes of 60 lacs which is 12 times its average 50 day volume of 5lacs, highlighting strength in direction of trend
* Among the oscillators the daily RSI is in up trend and is seen sustaining above its nine periods average thus supports the positive bias
Buy Dhampur Sugar Mills Ltd @ 339.00-345.00 TGT 374 SL 327.00
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