Stock Picks - Buy Granules Ltd For Target Rs. 363 - ICICI Direct
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Stock Picks
Technical Observations
* The stock has undergone healthy retracement over the past four months after witnessing relative outperformance during CY20. It is seen resuming its primary up trend after a higher base formation at the long term 52 week’s EMA (currently at | 304). It has acted as a major support for the stock in the entire up move since October 2019 as can be seen in the adjacent chart. Hence, offering a fresh entry opportunity with a favourable risk reward
* We expect the stock to resume its primary up trend and gradually head towards | 363 levels in coming sessions as it is the 50% retracement of the previous breather (|438-295) placed at | 363 levels
* The stock has already taken 20 weeks to retrace less than 61.8% of its previous 23 weeks up move (| 194-438). A slower retracement signals a robust price structure and a higher base formation
* The weekly 14 periods RSI has generated a buy signal moving above its nine periods average thus validates positive bias
Buy Granules India Ltd @ 330.00-337.00 TGT 363.00 SL 318.00
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