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Published on 16/04/2018 5:19:49 PM | Source: Choice Broking Pvt Ltd

Buy Cyient Ltd For Target Rs.720.00 - Choice Broking

Posted in Broking Firm Views - Short Term Report| #IT Sector #Cyient Ltd #Trading Report #Choice Broking

* On an hourly chart, the stock has given a breakout of its upper band of Symmetrical Triangle formation which points out for a bullish run in the stock.

* On a Daily chart, the stock is bouncing back after taking a strong support of around 621.15 level which is 50.0% retracement level of its previous move from 536.60 level to 699 level which suggests a bullish movement in the counter.

* Moreover, the stock has taken a support of its 50 Days Simple Moving Average which indicates positivity in the counter.

* A daily momentum indicator RSI reading is at 52.23 level with a positive crossover which points out for a positive breath in the stock.

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


Recommendation

Buy Cyient Ltd @ 648-653 Stoploss 520 Target 720.

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