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Technical Observations

* Realty stocks remained resilient in the last two weeks profit booking in the broader market. We expect the realty stocks to continue its outperformance. One of the preferred pick within the realty space is Kolte-Patil Developers

* The stock has generated a breakout above a falling channel containing last five weeks corrective decline signalling resumption of up move and offers fresh entry opportunity

* We expect the stock to maintain positive bias and head higher towards | 360 levels being the recent high of September 2021

* Key observation is that the stock during the entire recent consolidation has formed a higher base above the previous major breakout area and 50 days EMA (currently placed at |303 levels) highlighting a positive price structure

* The daily 14 periods RSI has generated a buy signal moving above its nine periods average thus validates positive bias

Buy Kolte-patil Developers Ltd @ 328.00-335.00 TGT 360 SL 316

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