Buy Time Technoplast, target Rs 175: Shitij Gandhi

Shitij Gandhi
SMC Global Securities

Time Technoplast has been maintaining its downtrend since the beginning of the year and was trading in a sloping channel while forming a lower top and lower bottom formation on the daily charts.

However, in the last three months of consolidation at lower levels, the stock has formed a symmetrical triangle pattern on the daily charts while trading in the range of Rs 120-150.

The fresh breakout above the pattern formation has been witnessed this week with hefty volumes hints for more upside in prices moving forward. So, traders can accumulate the stock in a range of Rs 154-158 for the upside target of Rs 175 and a stop loss below Rs 143.