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Technical Positional Pick - Buy Jagran Prakashan Ltd For Target Rs. 66 - HDFC Securities 

TECHNICAL OBSERVATIONS

The attached weekly timeframe chart of the stock price (Jagran Prakashan Ltd) indicate an upside bounce in this week after the larger consolidation movement.

We observe an attempt of upside bounce in the last week and buy on dips opportunity in this week. The stock price is now advancing towards the crucial down trend line resistance of around Rs 63-64 levels.

The overall weekly chart pattern indicate a formation of rounding or a cup and handle type pattern and the neckline of that pattern is placed at the down trend line at Rs 63-64 levels. Hence a sustainable move above this hurdle could open a sharp upside for the stock price.

Weekly 14 period RSI has turned above the important 60 levels.

The overall chart pattern of JAGRAN indicate long trading opportunity. One may look to create positional long as per the levels mentioned above.

Buy Jagran Prakashan Ltd Up to 3 months @ Add on dips 56 CMP 59.60 TGT 66 SL 54.50

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