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Marine Electricals (India) Ltd

Buy Marine Electricals (India) Ltd CMP (Rs) 414 Target (Rs) 520 - 560 Stoploss (Rs) 355

The stock has recently indicated a strong breakout above the 300 zone and has maintained the uptrend with currently having a higher low formation pattern on the daily chart has indicated a decent revival moving past the important 50EMA at 405 level to once again improve the outlook and can anticipate for further rise in the coming days. The RSI has cooled off from the overbought zone and is currently well placed with a positive trend reversal confirmed and with upside potential visible can carry out with the positive move further ahead. With the chart technically looking good, we suggest to buy and accumulate the stock for the upside targets of 520 and 560 levels keeping the stop loss of 355 level.

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