Nandish Shah
After taking support around 20-day SMA last week, the Kalpataru Power broke out from the consolidation by closing above the 390 level with a rise
in volumes.
The stock price is making higher top and higher bottom formation on the daily chart. The stock price closed at a six month high on Monday and is now on the verge of breaking above its 200-day SMA which is placed at Rs 394 levels.
Oscillators and momentum Indicators like RSI and MACD is showing strength on the daily charts. Therefore, we recommend buying Kalpataru
Power for the target of Rs 430, and keep a stop loss below Rs 370.
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