* On an hourly chart, the stock has started to trade as per the Momentum Triple Pattern theory which signifies a bullish sentiment in the counter.
* On a daily chart, the stock has breached above the 50 days exponential moving average with increase in volume activity which suggests a further upside movement in the counter.
* A daily momentum indicator RSI reading is at 57.95 level, trending in upward direction with the support of its average line which points out for a positive breath in the stock.
* Based on aforementioned rational further upside can be seen upto 59 level.
Buy Elecon Engineering Company Ltd @ 53.85 StopLoss 51 Target 59
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