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You are here : IndiaNotes >> Research & Analysis >> Companies >> Kesoram Industries Ltd. >> Research

Technical Stock Pick: Buy Kesoram Ind at 153.25 to dips 141 placing stop-loss at 137

HDFC Sec | 18 Apr, 2017  | Follow Author | Add to my Favourites 
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Observation:

  • Attached  weekly  timeframe  chart  of  Kesoram  Industries  Ltd  has  been  moving  in  a  larger  sideways  band  in  the  last  few
  • months.
  • 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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