Bharati Shipyard may rally upto Rs 77-77.50: Harchekar

Bharati Shipyard may rally upto Rs 77-77.50, says Amit Harchekar, Sr. Technical Analyst -CMT, IIFL India

Harchekar told CNBC-TV18, "There is a good move seen in Bharti Shipyard and that too with good volumes. So I think this rally could continue to Rs 77-77.50. So that turns out to be the intermediate hurdle because that also coincides with your falling resistance line. If that is taken out then you can expect a clean trend reversal on the weekly as well as on the medium-term charts. So far if any one is holding long positions, I think the stock has a good potential to test 5-7% higher, so Rs 70 becomes your stop loss."

He further added, "As far as media stocks are concerned good channel breakout is seen in Cinemax above Rs 29 and the immediate target which is projecting close to Rs 35. So on stock specific I think Cinemax is likely to out perform Inox in the short-term. And it