Stock Picks - Buy JK Lakshmi Cement Ltd For Target Of Rs. 380 - ICICI Direct
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Technical Observations
* The stock has been consolidating after resolving out of three year falling trend line, signalling termination of long term corrective phase. Key point to highlight is that, ongoing consolidation has taken a shape of a potential double bottom formation, indicating impending up move. Thereby, offering fresh entry opportunity with favourable risk reward
* The stock has formed a higher base formation above 20 week EMA which has acted as strong support since May 2020. currently stock has witnessed faster pace of retracement as it almost retraced past 14 sessions decline in just two sessions, signalling structural turnaround that augurs well for next leg of up move
* The daily 14 periods RSI has generated a buy signals moving above its nine periods average thus validates positive bias
* We expect stock to continue with its current momentum and head towards | 380 levels as it the 138.2% external retracement of the recent breather (| 360 to 310)
Buy JK Lakshmi Cement Ltd @ 341.00-347.00 TGT 380 SL 325
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