Published on 13/09/2017 4:31:59 PM | Source: Choice Broking

Buy Elecon Engineering Company Ltd For Target Rs.59.00 - Choice Broking

Posted in Broking Firm Views - Short Term Report | #Engineering Sector #Elecon Engineering Company Ltd #Trading Report #Choice Broking


* 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. 

 

Recommendation

Buy Elecon Engineering Company Ltd @ 53.85 StopLoss 51 Target 59

 

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