Technical Positional Pick - Buy Dishman Carbogen Amcis Limited For Target Rs. 237 - HDFC Securities
Technical Positional Pick - Buy Dishman Carbogen Amcis Limited For Target Rs. 237 - HDFC Securities
* The downward correction of the last three weeks seems to have completed in the stock price (DCAL).
* The stock price has witnessed an upside bounce in this week from near the crucial supports of 20w EMA around Rs 203 levels.
* We observe a formation of larger degree of higher bottoms as per weekly chart. Recent swing low of Rs 201.50 of last week could now be considered as a new higher bottom of the sequence. Hence, one may expect further upside in the near term.
* Weekly 14 period DMI has started to widen with outperformance was seen in +DMI. The weekly ADX has moved above 25 levels.
* Both of these DMI/ADX pattern indicate further strengthening of upside momentum in the stock price ahead.
* The overall chart pattern of DCAL indicate long trading opportunity. One may look to create positional long as per the levels mentioned above.
Buy Dishman Carbogen Amcis Limited Up to 3 Months @ Add on dips 200 CMP 212.20 TGT 237 SL 194
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