Technical Positional Pick - Buy Alembic Ltd Ltd For Target Rs. 155 - HDFC Securities
Technical Positional Pick - Buy Alembic Ltd For Target Rs. 155 - HDFC Securities
TECHNICAL OBSERVATIONS
* Alembic Ltd is in an intermediate uptrend as it has been making higher tops and higher bottoms for the last several months.
* After consolidating in a range between the 124-133 levels for the last few sessions, the stock has broken out of this range on Thursday on the back of above average volumes. This augurs well for the uptrend to continue.
* Technical indicators are giving positive signals as the stock is trading above the 20 and 50 day SMA. Daily momentum indicators like the 14-day RSI have bounced back and are in rising mode now. This augurs well for the uptrend to continue.
* With the intermediate and long term technical setups too looking positive, we believe the stock has the potential to move higher in the coming weeks and therefore recommend a buy. Our entry levels with stop loss and targets have been mentioned above.
Buy Alembic Ltd Ltd Up to 1-3 Months @ Buying Range 130-134 CMP 132.7 TGT 155 SL 125
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