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Technical Observations

* The stock has registered a breakout above the last three months range (| 292-232) signalling resumption of up move and offers fresh entry opportunity

* We expect the stock to maintain positive bias and head higher towards | 322 levels in the coming sessions as it is the 138.2% external retracement of the recent breather (| 303-250)

* The stock is seen rebounding forming a higher base at the 52 weeks EMA signalling strength continuation of the up move

* The breakout above the three months range is supported by strong volume of almost double of the 50 weeks average volume of 22 lakhs share per week highlighting larger participation in the direction of trend

* The weekly MACD is seen sustaining above its nine periods average thus validates positive bias in the stock

Buy RITES Ltd @ 293.00-299.00 TGT 322 SL 280

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