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Published on 7/12/2018 4:49:03 PM | Source: Choice Broking Pvt Ltd

Buy Finolex Cables Ltd For Target Rs.515.00 - Choice Broking

Posted in Broking Firm Views - Short Term Report| #Finolex Cables Ltd. #Cables and Fibres #Trading Report #Choice Broking

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*  On an hourly chart, the stock is forming a Rounding Bottom formation which suggests an upside move in the counter.

*   Moreover, a sudden spurt in the volume has been witnessed during trading session which shows an accentuate buying in the counter.

*  Additionally, the stock has bounced back after taking a support of its 21 as well as 100 Hourly Exponential Moving Averages which shows an upside rally in the counter.

*  A daily momentum indicator RSI reading is at 44.75 level with a positive crossover which points out for a positive breath in the stock.

*  Based on the above technical structure, we are expecting an upside movement in the counter in few trading sessions.

Recommendation

Buy Finolex Cables Ltd @ 476 Stoploss 454 Target 515

 

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