Technical Positional Pick - Buy Elgi Equipments Ltd For Target Rs. 242 - HDFC Securities
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Technical Positional Pick - Buy Elgi Equipments Ltd For Target Rs.242 - HDFC Securities
TECHNICAL OBSERVATIONS
The attached weekly timeframe chart of Elgi Equipments Ltd signal a larger consolidation pattern over the last few months.
Presently, the stock price is making an attempt to stage upside breakout of the hurdle at Rs 218-220 levels in this week.
The stock price is holding on immediate support of 10 and 20w EMA around Rs 210/Rs 202 levels.
Weekly 14 period RSI has just moved above crucial 60 levels and volume has started to expand during upmove in the stock price
The overall chart pattern of ELGIEQUIP indicates long trading opportunity. One may look to create positional long as per the levels mentioned above.
Buy Elgi Equipments Ltd Up to 3 Months @ Add on dips 205 CMP 218.05 TGT 242 SL 199
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