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Technical Observations

* The share price of KEC logged a resolute breakout from three months consolidation (| 444-368) on the back of highest weekly volume since July 2017, indicating resumption of primary up trend that augurs well for next leg of up move

* Key point to highlight is that, current leg of up move has seen faster pace of retracement as past fourteen sessions decline (| 435- 389) retraced in just four sessions, highlighting structural improvement

* We expect the stock to head towards |490 levels in the coming weeks as it is 161.8% external retracement of past three months consolidation (444-368)

* Among oscillators, the daily MACD has been diverging from its average while pointing upward, indicating acceleration of upward bias

Buy KEC International Ltd @ 446.00-455.00 TGT  490.00 SL 429.00

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