Technical Pick of the Week #4 - Gravita India
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Aman Baheti
Price Action Analysis:
The stock corrected more than 35% after negative news flows in the past 3 months. A steep recovery panned out over the last week with delivery-based buying. The zone of 1,100-1,120 can act as a resistance.
Moving Average:
The 20EMA converged and started trading above the 50EMA as per the last trading session. The stock can stabilize in the 1,090-1,150 zone before advancing for another rally.
Bollinger Bands:
The stock gave a breakout with more than average volumes in the last week. The optimal entry price is around 1,070 and immediate support is seen at 888.
Mool’s Outlook:
We anticipate a target of INR 1,300 with an upside of 20% in the next 8-9 months.
Stop Loss should be maintained at INR 935
Disclaimer:
Mool Capital Limited is a SEBI Registered Research Analyst having registration no. INH000012449. This report has been prepared by Mool Capital Pvt. Ltd. and is solely for information of the recipient only. The report must not be used as a singular basis of any investment decision. The views herein are of a general nature and do not consider the risk appetite or the particular circumstances of an individual investor; readers are requested to take professional advice before investing. This document is not, and should not, be construed as an offer or solicitation of an offer, to buy or sell any securities or other financial instruments. This report should not be construed as an invitation or solicitation to do business with Mool Capital. Mool Capital and its affiliated company(ies), their directors and employees may; (a) from time to time, have a long or short position in, and buy or sell the securities of the company(ies) mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies) or may have any other potential conflict of interests with respect to any recommendation and other related information and opinions.
