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Bartronics India likely to see 10% upside: ICICI Direct.com
ICICI Direct.com has come out with its recommendation on Bartronics India. The research firm expects 10% upside from current levels within a time frame of one month.
ICICI Direct.com has come out with its recommendation on Bartronics India . The research firm expects 10% upside from current levels within a time frame of one month.
ICICI Direct.com technical pick:
Bullish Morning Star candlestick pattern on the weekly chart depicts the beginning of a fresh up move. We expect 10% upside from current levels within a time frame of one month. Bartronics has been consolidating in the range of Rs 140-185 for the past few months. Recently, the stock hit the lows near Rs 142 twice and bounced back coupled with rising volumes. This indicates higher participation.
The weekly chart is displaying bullish Morning Star candle stick pattern. This indicates the beginning of a fresh up move and that bulls are gaining the upper hand. The stock has managed to close above its five and 13 day EMAs for the past three to four sessions indicating strength in current up move. The 14-period RSI is trending up and the MACD oscillator has given positive cross over on daily chart supporting bullish momentum•
We expect price rise up to Rs 174, which is its closing high of January 2010. A change of view is warranted only if the current week's lows of Rs 153 is breached on a closing basis.
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