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Technical Observations

* The stock has witnessed a breakout above the last eight weeks range (| 193-150) signalling resumption of the primary uptrend and offers fresh entry opportunity

* The share price in the last eight weeks has formed a higher base above the recent breakout area as can be seen in the adjacent chart. The stock has rebounded taking support at the breakout area highlighting change of polarity as previous resistance has reversed its role and acting as support

* The stock has immediate support at | 178 levels as it is the confluence of the last week low and 50% retracement of the current up move (| 160-202)

* The Weekly MACD is in up trend and is seen rebounding taking support at its nine periods average thus validates positive bias

* We expect the stock to continue with its current positive momentum and head towards | 215 levels as it the 150% external retracement of the previous decline (| 193 to 150) placed around | 215 levels

Buy Elgi Equipments Ltd @ 192.00-199.00 TGT 215.00 SL 178.00

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