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Technical Positional Pick - Buy IndiaMART InterMESH Ltd For Target Rs. 9715 - HDFC Securities 

TECHNICAL OBSERVATIONS

* IndiaMART is in an intermediate uptrend as it has been making higher tops and higher bottoms for the last several months.

* Over the last several weeks, the stock has been consolidating in a range between the 6650-7844 levels. On Monday, the stock has broken out of this range on the back of above average volumes.

* Technical indicators are giving positive signals as the stock is trading above the 20 and 50 day SMA. Weekly momentum indicators like the 14-week RSI have bounced back from oversold levels and are in rising mode now. This augurs well for the uptrend to continue.

* With the intermediate technical setup 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 IndiaMART InterMESH Ltd Up to 1-3 Months @ Buying Range 7800-7865.95 CMP 7865.95 TGT 9715 SL 7250

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