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Technical Observations

* The stock has registered a breakout above the falling channel containing the corrective decline of the last two months signalling resumption of up move and offers fresh entry opportunity

* We expect the stock to continue with its positive momentum and head towards | 31.50 levels as it is the 123.6% external retracement of the entire previous decline (| 30.35-25.35) placed around | 31.50

* The stock in the last one year has formed a strong base around the 200 days EMA (currently at | 26.50) as can be seen in the adjacent chart signaling positive price structure

* The breakout above the falling channel is supported by strong volume of more than eight times the 50 days average volume of 22 lakhs share per day highlighting larger participation in the direction of trend

* The daily MACD is in up trend and is seen rebounding taking support at its nine periods average thus validates positive bias in the stock

Buy Satluj Jal Vidyut Nigam Ltd @ 28.30-29.00 TGT 31.50 SL 27.00

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