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Technical Observations

* The stock has generated a breakout above the bullish flag pattern as can be seen in the adjacent chart signalling continuation of the positive trend and offers fresh entry opportunity to ride the next up move

* The share price during current week has rebounded taking support at the recent breakout area joining highs of September (| 472) and December (| 485) and the rising 20 days EMA (currently placed at | 480) signalling robust price structure and strong support at lower levels around | 480 levels

* The daily MACD remain in up trend and is seen diverging from its nine periods average thus validates positive bias in the stock

* Based on the above technical observations, we expect the stock to continue with its positive momentum and resolve higher towards | 548 levels as it is the 161.8% external retracement of the recent breather ( | 522 to 485) placed around | 548 levels

Buy Radico Khaitan Ltd @ 497.00-504.00 TGT 548 SL 475

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