Stock Picks - Buy Elecon Engineering Company Ltd For Target Rs. 193 - ICICI Direct
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Technical Observations
* The share price of Elecon has formed higher base above Multi year breakout area of | 115 and has recently registered a breakout above the last 10 weeks range (| 155-115) signaling resumption of up trend thus offers fresh entry opportunity
* We expect the stock to head towards | 195 levels in the coming weeks as it is the measuring implication of range breakout (|155-115=40) points added to breakout area of | 155 signalling upside towards | 195
* Key point to highlight since January 2021 the stock has managed to hold the key support of 50 day EMA, highlighting elevated buying demand. In the current scenario as well, stock staged a strong bounce from 50 days EMA as can be seen in the adjacent chart
* Recent breakout is supported by strong volumes which are 6 times the 200 days average volume of 11 lacs per day highlighting larger participation in the direct of trend
* Among the oscillators the daily RSI has generated bullish crossover recently above its nine period average thus validates positive bias
Buy Elecon Engineering Company Ltd @ 173.00-177.00 TGT 193 SL 162
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