Stock of the week - CG Power and Industrial Solutions For Target Rs. 261 By GEPL Capital
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Observation
* The mid-term charts of CG Power has been moving in a strong uptrend since March 2020.
* Throughout the uptrend the stock has been taking support at its 20 week SMA and moving higher.
* In the current week the stock formed a strong bullish candle and breached above its previous swing high (209) and made fresh 52 week high @ 219 levels.
* The RSI indicator plotted on weekly scale has witnessed a range shift and is sustaining above the 50 mark since July 2020.
Inference & Expectations
* CG Power is moving with higher highs and lows formation.
* Going ahead the stock has the potential to continue its outperformance and move higher towards 238 (61.8% fib extension) followed by 261 (78.6% Fib extension).
* One can Buy CG Power at current levels for the target of 238 and 261 with a strict stop loss of 190 on closing basis
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CG Power and Industrial Solutions : 212.30 Target: ₹ 261 Stop Loss : 190
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