Stock Picks - Buy Gokaldas Exports Ltd For Target Rs. 160 - ICICI Direct
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Technical Observations
* The textile space remain in strong up trend, with most of the stocks forming higher peak and higher trough. The share price of Gokaldas Exports has generated a bullish Flag breakout signalling continuation of the up move, thus offers fresh entry opportunity to ride the next up move
* We expect the stock to continue with its up move and head towards | 160 levels in the coming weeks being the 123.6% external retracement of the recent breather (| 153-131)
* The breakout above the bullish flag pattern is supported by strong volume of more than three times the 200 days average volume of four lakhs share per day signalling larger participation in the direction of trend
* Among the oscillators the daily 14 periods RSI has generated a buy signal moving above its nine periods average thus validates positive bias
Buy Gokaldas Exports Ltd @ 141.00-146.00 TGT 160.00 SL 134.00
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