Stock Picks - Buy Sanghi Industries Ltd For Target Rs. 64 - ICICI Direct
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Technical Observations
* The Cement stocks are in strong up trend with most of the large cap stocks already placed at all time highs. The midcap cement space is witnessing catch up activity and likely to outperform.
* The share price of Sanghi Industries has been trading in a rising channel since October 2020, signalling sustained demand at elevated levels. It is currently seen rebounding taking support at the lower band of the channel, thus provides fresh entry opportunity.
* We expect the stock to resume up move after last four weeks of breather and head towards | 64 levels as it is the 123.6% external retracement of the recent breather (|62 to 53) placed around | 64 levels
* Structurally, 10 weeks EMA has acted as strong support for the stock in the entire up move since October 2020 a can be seen in the adjacent chart signalling strength
* Weekly 14 periods RSI has recorded bullish crossover above its nine periods average thus validates positive bias.
Buy Sanghi Industries Ltd @ 57.00-58.50 TGT 64 SL 53
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