Buy CG Power and Industrial Solutions Ltd for the Target Rs.872 by Choice Broking Ltd
CG Power and Industrial Solutions Ltd
Buy CGPOWER @ 760.5 with a target of 872 and a stop loss at 709
CGPOWER is currently trading at Rs.760.5 and has recently broken out of a long-term parallel channel on the weekly chart. This breakout was followed by a successful retest, and the stock is now displaying renewed upward momentum. Furthermore, it has moved out of a short consolidation phase with the formation of a strong bullish candle, creating a confluence of positive signals that reinforce the bullish technical setup. The breakout, supported by consistent trading volumes, highlights strong accumulation and growing market participation.
Momentum indicators also lend support to this view. The Relative Strength Index (RSI) stands at 67.31 on a daily time frame and is trending upwards after a positive crossover, reflecting strengthening bullish momentum and indicating scope for further upside. In addition, the stock is trading comfortably above all key moving averages, underscoring solid support from crucial trend levels and further reinforcing positive sentiment.
If CGPOWER sustains above the breakout zone and decisively crosses the Rs.800 mark, it could trigger the next leg of the rally. In such a scenario, the stock holds potential to move towards Rs.872 in the near term. On the downside, a prudent stop-loss can be placed at Rs.709 to manage risk effectively
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