Technical Stock Pick: India Glycols
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- The stock is showing positive bias for the short term.
- Price is likely to breach the channel setup which indicates that new bullish leg has started.
- One corrective leg has ended at 87.10. The corrective leg from 111.8 to 87.10 is a complex correction.
- Price has started making higher top higher bottom on hourly chart which is sign of bullish reversal.
- Now price has started retracing the corrective leg. It is heading towards 50% and 61.8% levels i.e. 99 and 102 levels.
Recommendation: HDFC Securities recommends investors to buy India Glycols above Rs93.50, for a price targets of Rs99/102, with stop loss placed at Rs88.80 in 5-7 days
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