Stock Picks - Buy Dhampur Sugar Mills Ltd For Target Rs. 312 - ICICI Direct
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Technical Observations
* The stock has witnessed shallow retracement as its has just retraced 50% of Apr-July rally(| 172-395) in last three months, signaling inherent strength
* It has formed higher base in the vicinity of its 100 day EMA providing favorable risk-reward at current levels and fresh entry opportunity
* We expect the stock to accelerate its current up move and head towards | 312 levels as it is the 61.8% retracement of recent decline(| 328-285)
* The stock has immediate support at | 282 levels being 80% retracement of last upmove(| 270-328)
* The daily 14 periods RSI has generated bullish crossover above its 9 period average and is seen sustaining above its nine periods average thus supports the positive bias
Buy Dhampur Sugar Mills Ltd @ 290.00-292.00 TGT 312 SL 282
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