Dinesh Rohira
Prabhat Dairy recently witnessed a reversal in trend favoring upward momentum after consolidating in multiple price range levels including a decline from 52-weeks high over the last six months.
The scrip revisited Rs 128 levels and formed a strong base support. It revered from that level to close above Rs 134 levels which is 200-days EMA levels. The positive breakout seen on weekly basis aided the scrip to form a long bullish candlestick pattern indicating a reversal in trend at the current level.
The weekly RSI placed at 61 signals a buying regime at a current level along with positive cues from MACD which suggests an upward shift.
The scrip has a support at 128 levels and resistance level at 172. We have a buy recommendation for Prabhat Dairy which is currently trading at Rs. 149.40
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.
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