Stock Picks - Buy Kolte-patil Developers Ltd For Target Rs. 268 - ICICI Direct
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Technical Observations
* The stock has logged a resolute breakout from 5 months falling channel, signifies conclusion of secondary corrective phase that augurs well for next leg of up move. Thereby offering fresh entry opportunity
* The falling channel breakout backed by highest daily volume since November 2017, indicates resumption of primary up trend that makes us confident to believe, stock would resolve higher and head towards | 268 levels in the coming weeks being the 80% retracement of January – May decline (286-206) at | 268 levels
* The stock has witnessed a faster retracement of the last falling segment as 16 sessions decline(| 252-217) was completely retraced in just 3 sessions. A faster pace of retracement signals rejuvenation of upward momentum and offers fresh entry opportunity
Buy Kolte-patil Developers Ltd @ 238.00-243.00 TGT 268.00 SL 226.00
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