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Technical Observations

* The stock has recently generated a breakout above last five months range (|52-38) signalling resumption of up move and offers fresh entry opportunity

* We expect the stock to head towards | 66 levels in the coming weeks being the measuring implication of the last five months range breakout (52-38=14 points) added to the breakout area of | 52 signals upside towards | 66 levels

* The stock has witnessed a faster retracement of the last falling segment as 18 weeks decline(| 52-38) was completely retraced in just six weeks. A faster retirement in less than half the time interval signals strength and offers fresh entry opportunity

* The breakout above the last five months range is supported by strong volume of more than 10 times the 200 days average volume of 2.7 lakhs share per day highlighting larger participation in direct of trend

* The daily 14 periods RSI has recently generated a bullish crossover above its nine periods average thus validates positive bias

Buy Sutlej Textiles and Industries Ltd @ 54.00-57.00 TGT  63.00 SL 52.00

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