IGI Logo

Technical Observations

• The share price of Redington India has generated a breakout above a bullish flag like formation signalling resumption of the up move and offers fresh entry opportunity

• The stock has recently rebounded taking support at the rising 200 days EMA (currently placed at | 143 levels) highlighting overall positive bias It has immediate support at | 156 levels being the confluence of the last week low and the 50% retracement of the recent up move (| 138-172)

• We expect the stock to maintain positive bias and head towards | 178 levels in the coming sessions being the almost identical highs of the January and February 2022

• Among the oscillators the daily 14 periods RSI has recently generated a buy signal thus validates positive bias

Buy Redington (India) Ltd @ 162.00-165.50 TGT 178.00 SL 156.00

To Read Complete Report & Disclaimer Click Here

https://secure.icicidirect.com/Content/StaticData/Disclaimer.html

Above views are of the author and not of the website kindly read disclaimer