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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

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