Stock Picks - Buy Kolte-patil Developers Ltd For Target Rs.345 - ICICI Direct
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Technical Observations
* The realty sector has undergone healthy retracement after a sharp rally in September-October. Among the midcap realty stocks we are constructive on Kolte-Patil as it is seen rebounding after taking support at the major breakout area and the rising 20 weeks EMA (currently placed at | 295) signaling resumption of up move and fresh entry opportunity..
* The stock has already taken 11 weeks to retrace just 50% of its five weeks up move (| 215-360), a shallow retracement signals a robust price structure and a higher base formation
* Going ahead we expect the stock to resume its up move and head higher towards | 345 levels being the 80% retracement of the entire previous decline (| 360- 284)
* Among the oscillators the weekly stochastic is rebounding from the oversold territory and is at the cusp of generating a buy signal thus validates positive bias.
Buy Kolte-patil Developers Ltd @ 313.00-319.00 TGT 345 SL 301
To Read Complete Report & Disclaimer Click Here
https://secure.icicidirect.com/Content/StaticData/Disclaimer.html
Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer
