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Technical Observations

* The stock is at the cusp of generating a breakout above the last three months range (| 158- 136) signaling strength and offers fresh entry opportunity

* It has witnessed a shallow retracement as it has already taken 23 weeks to retrace just 50% of the last eight weeks up move (| 89-179) and is currently seen rebounding taking support at the 20 weeks EMA (|146) signaling strength and a higher base formation

* Going ahead we expect the stock to extent its last two weeks up move and head higher towards | 173 levels being the 80% retracement of the entire previous decline (| 179-136)

* The last two weeks up move is supported by strong volume of more than three times the 50 weeks average volume of 1 crore share per week, highlighting larger participation as it rebounds from the support area

* Among the oscillators the weekly 14 periods RSI has generated a buy signal moving above its nine periods average thus validates positive bias

Buy Redington India Ltd @ 153.00-157.00 TGT 173 SL 144

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