Stock Picks - Buy Havells India Ltd For Target Of Rs.1180 - ICICI Direct
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Technical Observations
* The share price of Timken India has generated a breakout above the falling channel containing last one months corrective decline signaling resumption of up move and offers fresh entry opportunity
* Buying demand is seen emerging in the stock from the support area of | 1050-1060 levels being the confluence of the rising demand line joining lows of June 2021 (|958) and March 2022 (|1038) and the 80% retracement of the previous major rally (|958- 1504) placed at | 1060 levels
* We expect the stock to resume up move and head towards | 1180 levels in the coming weeks as it is the 61.8% retracement of the last one months decline (| 1276-1058)
* Among the oscillators the daily 14 periods RSI has rebounded from oversold territory and generated a buy signal moving above its nine periods average thus validates positive bias.
Buy Havells India Ltd @ 1085.00-1105.00 TGT 1180.00 SL 1038.00
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