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Technical Stock Pick - Buy AstraZeneca Pharma Ltd For Target Of Rs. 3990 - HDFC Securities

Observations:

* Stock Price has reversed its trend from south to north after taking support on upward sloping trend line, which adjoins March 2018, Aug 2019 and March 2020 major swing bottoms

* On 1st April, Stock surged 14% with significant jump in volumes, which confirms the trend line support and trend reversal as well.

* Pharma Sector has been outperforming and MNC Index also looks stronger on the medium to long term charts

* Stock has surpassed the resistance of 20 days EMA

* Weekly RSI has just exited the oversold zone, which indicates good upside in the stock price from current levels.

Buy Astsrazeneca Ltd Upto 3 Months @ 3272-3300 CMP 3272.40 TGT 3990 SL 3050

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