Amara Raja Batteries (Cash):
- Looking at the daily chart, stock has formed and inverse head & shoulder pattern and during last it confirmed its breakout from said pattern.
- The said breakout was also supported by daily RSI (14) which entered above 60 levels.
- On a higher degree chart, stock is trading in a broad range which resulted into a formation of Triangle pattern and recently stock retested its lower band of trading range.
- Hence, we advise traders to accumulate this stock in a range of 926 to 916 with an upside price target of 1010. Strict stop loss should be placed at 869.
- After posting a fresh 52-week high of 1440; stock witnessed decent profit booking and corrected gradually.
- Subsequently, the fall got arrested near 1325 which coincides with the daily 45-EMA and 61.8% retracement of its entire move from the bottom of 1270 to the top of 1440.
- On a weekly chart, we are seeing a bearish divergence followed by positive reversal.
- Thus, traders can buy this stock in a range of 1357 to 1344 with a price target of 1480. Strict stop loss should be placed at 1295.
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