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Technical Observations

* The share price of Indian Energy Exchange logged a resolute breakout from three months consolidation (as shown in adjoining chart) on the back of rising volumes, indicating resumption of primary up trend. Thereby offering fresh entry opportunity

* Key point to highlight is that, since May 2020 stock has managed to hold the 50 days moving average and subsequently buying demand emerged at elevated support base, highlighting inherent strength.

* We expect the stock to head towards |450 levels in the coming weeks as it is 161.8% external retracement of early May decline (| 414-343)

* Among the oscillators the daily MACD pointing northward while sustaining above its zero line, indicating acceleration of upward momentum

Buy Indian Energy Exchange Ltd @ 402.00-411.00 TGT 450 SL 385

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