Stock Picks - Buy EID Parry india Ltd For Target Rs. 490 - ICICI Direct
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Technical Observations
* The stock has generated a Flag breakout after higher base formation above 20 day EMA signalling continuation of up move and offers fresh entry opportunity
* We expect the stock to head towards | 490 levels in the coming weeks being the 161.8% external retracement of recent decline(455-400)
* The stock has immediate support at | 416 levels, being lower band of consolidation and also 20 day EMA placed around | 416 levels
* The breakout above the bullish flag pattern is supported by strong volume of more than 3.5 times the 200 days average volume of 5 lakhs share per day highlighting larger participation in direction of the trend
* The daily 14 periods RSI has recently generated a bullish crossover above its nine periods average thus validates positive bias
Buy EID Parry india Ltd @ 437.00-445.00 TGT 490.00 SL 416.00
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