Buy Indo Count Industries, target Rs 82: Dinesh Rohira

Dinesh Rohira

Indo Count Industries traded in a positive trajectory on its weekly price chart post its correction from the higher band of Rs 134-99 levels towards 52-week low levels. It took a strong support at 60 odd levels to reverse the trend.

The scrip made a critical breakout from its 20-days EMA at 68 levels supported by strong volume trend on weekly basis, indicating a buying trajectory.

On the weekly price chart, the scrip registered a long bullish candlestick pattern indicating a sustainable rally post breaching crucial levels on the upside.

Further, the weekly RSI placed at 55 signaled a buying regime at a current level along with positive cues from MACD suggesting an upward shift.

The scrip is currently holding a long resistance at Rs 98 and support level at Rs 60. We have a buy recommendation for Indo Count Industries which is currently trading at Rs 72.55.

Disclaimer: The author is Founder & CEO, 5nance.com. The views and investment tips expressed by investment expert on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.