Rajesh Palviya
On the weekly chart Bharat Dynamics price has decisively broken out from its “Multiple resistance zone” at Rs 325-330 levels on closing basis and sustaining above the same. This breakout is accompanied with increase in volumes which supports bullish sentiments ahead.
The weekly as well as daily strength indicator RSI and the momentum indicator Stochastic both have turned positive which supports upside momentum to continue in near term. Stock price is sustaining well above its 20, 50 and 100 day SMA which supports bullish sentiments ahead.
One can buy the stock between Rs 337-331, with a stoploss at Rs 320 and target of Rs 353-362 (upside 6-8 percent).
The author is Head Technical & Derivatives Research, Axis Securities.
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