Stock of the week - Buy Voltamp Transformers Ltd For Target Rs. 2, 883 By GEPL Capital
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Observation
* Voltamp has been moving in a strong uptrend since March 2021 as it maintains the higher highs and higher lows formation.
* The stock sustained well after giving multi year breakout and has started to rally sharply. The Stock has shown significant rise in the volumes post its breakout from the consolidated parallel channel.
* On the indicator front the RSI indicator plotted on weekly has sustained above 60. Where as prices confirming the prior trend.
* The stock has recently made a new all time high with a strong momentum.
Inference & Expectations
* Volumes Backs the prices in strong uptrend.
* Going ahead we expect the stock to move higher towards 2970 level.
* 2250 level will act as a major support on the downside.
Buy Voltamp Transformers Ltd CMP: Rs 2478 | Target: Rs 2883 (16%)| SL: Rs 2250
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