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Technical Observations

* The share price of Indian Energy Exchange is in strong up trend forming higher peak and higher trough in all time frame. The stock on Tuesday session has resume fresh up move after two weeks breather as it rebounded from the 61.8% retracement of the previous up move (294-355) signalling positive bias and offers fresh entry opportunity

* It has generated a breakout above a falling channel containing last two weeks corrective decline signalling resumption of up move and opens upside towards | 385 levels as it is the 80% retracement of the previous corrective decline (| 392- 329) placed around | 385

* The entire up move since December 2020 is well channeled signalling sustained demand at elevated levels. The stock has recently rebounded taking support at the lower band of the channel signalling strength and a robust price structure

* The daily 14 periods RSI has rebounded from its previous lows and is at the cusp of generating a bullish crossover above its nine periods average thus validates positive bias

Buy Indian Energy Exchange Ltd @ 348.00-355.00 TGT 385.00 SL 332.00

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