Moneycontrol
Last Updated : Oct 22, 2018 10:54 AM IST | Source: Moneycontrol.com

Buy Future Retail for target of Rs 550: Shabbir Kayyumi

Buy Future Retail around Rs 490 with stop loss of Rs 458 for the target of Rs 550 marks.

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Shabbir Kayyumi

Narnolia Financial Advisors

Future Retail rebounded from a low of Rs 779, and started showing pullback on upside. This bounce-back rally and contraction took the form pole and flag price pattern from last few days in shorter time frame of chart. Currently, it is waiting for the breakout on upside where buying momentum is expected to accelerate further.

Positive crossover on daily chart suggesting bulls can take a charge. Indicator and oscillator are also showing a favorable scenario in the coming sessions. So based on the mentioned technical structure we expect that price may see a rally on upside till Rs 540 and 560 mark. Buy around Rs 490 with stop loss of Rs 458 for the target of Rs 550 marks.

Disclaimer: 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.
First Published on Oct 22, 2018 10:54 am
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