Sameet Chavan
Off late, we have been quite persistent on Balrampur Chini, expecting a possibility of a decent short-term bounce back after forming a base around the Rs 60 mark.
Last week, the stock prices traversed the upper end of the small ‘Falling Wedge’ pattern around Rs 65. After seeing some volatile moves, the stock is now poised for a healthy relief rally towards Rs 84.
On the weekly chart, the stock prices confirm their strength by giving a close above the ‘5-EMA’ for the first time in last six months.
In addition, the ‘RSI-Smoothened’ is on the verge of giving a positive crossover well inside the oversold territory. One can look to go long for a target of Rs 84 by following a strict stop loss below Rs 64.
Disclaimer: The author is Chief Analyst, Technicals, and Derivatives at Angel Broking. The views and investment tips expressed by investment experts on moneycontrol.com are their 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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