Stock Picks - Buy HEG Ltd For Target Rs.2040 - ICICI Direct
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Technical Observations
* The share price of HEG has generated a breakout above the falling channel of the last three months signaling a resumption of up move and offers fresh entry opportunity
* We expect the stock to continue with its positive momentum and head higher towards | 2040 levels as it is the 61.8% retracement of the previous decline (|2316-1513)
* The stock has immediate support at | 1800 as it is the confluence of the current week low and the upper band of the recent channel breakout placed around | 1800 levels
* The last two weeks pullback is supported by strong volume signaling larger participation
* Among the oscillators the daily 14 periods RSI is seen rebounding taking support at its nine periods average thus validates positive bias.
Buy HEG Ltd @ 1850.00-1890.00 TGT 2040 SL 1790.00
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