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Technical Observations

* The share price of Graphite India has witnessed a breather in the last four months and is currently seen forming a higher base at the rising demand line joining the previous major lows of June & August thus provides a favorable risk reward set up

* We expect the stock to resume up move and head towards 675 levels as it is the 38.2% retracement of the last four months’ breather (815-585)

* The stock has already taken four months to retrace just 61.8% of its preceding two months’ rally (447-815). A shallow retracement signals a higher base formation and positive price structure

* The daily 14 periods RSI is seen rebounding after forming a base at the nine periods average has thus supports the positive bias

Buy Graphite India Ltd @ 610.00-620.00 TGT 675 SL 585

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