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Technical Observations

* The share price of Shipping Corporation of India has shown resilience during the recent market correction and has consolidated in a narrow range with positive bias.

* The stock during current week has generated a breakout above the rising supply line joining the highs of March 2021 (|134) and October 2021 (|145) signaling acceleration of the up move and offers fresh entry opportunity

* We expect the stock to maintain positive bias head higher towards | 165 levels being the 161.8% external retracement of the entire previous decline (|134- 93)

* Among the oscillators the weekly 14 periods RSI remain in up trend and is seen rebounding taking support at its nine periods average thus validates positive bias

Buy Shipping Corporation of India Ltd @ 150.00-154.00 TGT 165 SL 144

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