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Technical Observations

* The share price of Indian Energy Exchange has generated a breakout above the falling channel containing the entire corrective decline of the last four weeks thus offers fresh entry opportunity

* We expect the stock to continue with its last two sessions positive momentum and head towards | 465 levels in the coming weeks as it is the 123.6% external retracement of the recent breather (454-385)

* The stock during the recent corrective decline has rebounded taking support at the 50 days EMA (currently at |403), which has acted as major support for the stock in the entire up move since May 2020, highlighting positive price structure

* Among the oscillators the daily MACD is rebounding from its previous low and is at the cusp of generating a breakout above its nine periods average thus validates positive bias

Buy Indian Energy Exchange Ltd @ 417.00-426.00 TGT 460 SL 397

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