Vinay Rajani
Kalpataru Power have risen more than 3 percent with significant jump in volumes. Stock price has witnessed breakout from the horizontal channel on the daily charts. Stock has also seen a breakout from the consolidation on the daily charts. Higher tops and higher bottoms have been forming. Price has been sustaining above super trend indicator on the daily charts.
Considering the technical evidences discussed above, we recommend buying the stock at CMP for the target of Rs 430, keeping stop loss at Rs 350 on closing basis.
Disclaimer: The author is a senior technical analyst at HDFC Securities. The views and investment tips expressed by investment experts/broking houses/rating agencies on Moneycontrol are their own, and not that of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.
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