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Technical Observations

* The consumer discretionary space has witnessed renewed buying demand in recent weeks ahead of the festive season. Voltas is our preferred pick among the consumption stocks, which is resolving out of two week range

* The stock has undergone shallow retracement as over past two weeks it retraced merely 23.6% of preceding three weeks sharp up move (|981-1265), and also higher base formation above 20 day EMA highlighting robust price structure

* We expect the stock to continue its positive momentum and head higher towards | 1305 levels as it is the 161.8% external retracement of the last two weeks breather (1269 -1190)

* Among oscillators ,the daily RSI has generated bullish crossover above its nine period average is in rising trajectory thus validates positive bias

Buy Voltas Ltd @ 1240.00-1252.00 TGT 1305 SL 1215

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