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Last Updated : Sep 17, 2018 11:05 AM IST | Source: Moneycontrol.com

Buy Uflex, target Rs 430: Shabbir Kayyumi

Increasing peaks of MACD histogram and sustainability of RSI in the bullish zone adds the conviction of buying the scrip around Rs 340.50 for the target of Rs 430 with the stop loss of Rs 305, says Shabbir Kayyumi of Narnolia Financial Advisors.

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Shabbir Kayyumi

Narnolia Financial Advisors

Uflex bottomed out near the levels of Rs 245-250 and has been forming an inverted Head and Shoulder pattern as a mother pattern on daily chart. The emergence of bullish candles near neckline is showing upswing move from where the stock can give a breakout on the upside.

The scrip has respected the uptrend line and a price has started running in the channel. Sustainability above 23.6 percent Fibonacci retracement of the fall from Rs 506 to Rs 245 levels also creating positive rhythm in the scrip.

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Increasing peaks of MACD histogram and sustainability of RSI in the bullish zone adds the conviction of buying the scrip around Rs 340.50 for the target of Rs 430 with the stop loss of Rs 305.

Disclaimer: The author is Head – Technical & Derivative Research at Narnolia Financial Advisors Ltd. 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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First Published on Sep 17, 2018 11:05 am
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