Technical Stock Pick: Buy Kesoram Ind at 153.25 to dips 141 placing stop-loss at 137
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- Attached weekly timeframe chart of Kesoram Industries Ltd has been moving in a larger sideways band in the last few
- Presently, the stock price is making attempt to stage upside breakout of the band around Rs.156-158 levels and a decisive
- upside breakout could have a sharp positive impact on the stock price ahead.
- We observe consistent formation of higher highs over the last few weeks, which is indicating an emergence of buying
- interest of every highs (lack of sharp selling/profit booking).
- Weekly positive swing indicator like +DMI has been dominating and is moving up consistently. Weekly trend strength
- indicator like 13 period ADX is turning up from near 16-20 levels.
- Normally, ADX turning up from near 16-20 levels could be considered as a beginning of fresh trended move in the
- underlying on either side. Positive overall technical set up in this stock is hinting at the possibility of a beginning of upside
- momentum in the stock price from here.
- The overall positive chart and momentum pattern in Kesoram Industries Ltd is suggesting a long trade setup for near term.
- One may look to buy this stock as per levels mentioned above.
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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor IndiaNotes.com accept any liability whatsoever arising from the use of any of the above contents.
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- Short-term stock advice: Buy Kesoram Ind; target Rs145/152
- Stock tip: Buy Kesoram Industries; target Rs145/152
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