Stock Picks - Buy Kolte Patil Developers Ltd For Target Rs. 262 - ICICI Direct
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Technical Observations
* The realty index is seen breaking above a decade long consolidation, the large cap realty stocks has already seen a strong momentum. The midcap space is witnessing a catch up activity. The share price of Kolte Patil developers is seen resuming up move after a higher base above the 200 days EMA thus provide fresh entry opportunity
* We expect the stock to maintain positive bias and head towards | 262 levels as it is the confluence of the 80% retracement of the entire decline (| 285-206) and the high of June 2021 placed at | 263 levels
* The stock has already taken 26 weeks to retrace just 61.8% of its preceding 10 weeks rally (| 164- 285). A slower retracement signals a robust price structure and a higher base formation
* Among the oscillators the daily MACD has generated a buy signal moving above its nine periods average thus validates positive bias in the stock
Buy Kolte-Patil Developers Ltd @ 234.00-240.00 TGT 262 SL 224
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