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NRI
  • CMP : 3,664.0 Chg : 9.30 (0.25%)
  • Buying Range : 1320-1352
  • Target : 1,555.0 (16.39%)
  • Stoploss : 1,225.0
  • Target Period : 3 Month

04 May 2023

Falling channel breakout signals resumption of up move…

BEML

TECHNICAL_INFOGRAPHIC_1
Technical Outlook
Nifty PSU stocks continued to outperform maintaining a higher high-low in all time frames. Within this sector, we remain constructive on BEML as it has generated a breakout above falling channel containing last eight month’s corrective decline signalling resumption of up move, thus offering a fresh entry opportunity

Buying demand has recently emerged after forming a triple bottom around the key support area ₹ 1150-1200 that is also confluence of the 200 week’s EMA signalling strength

Structurally, the stock has already taken 33 weeks to retrace just 90% of its preceding 11 week’s rally (₹ 1107-1933). A shallow retracement signals a robust price structure and a higher base formation

We expect the stock to extend the current up move and head towards ₹ 1530 in the coming months as it is the 50% retracement of the entire breather (1933-1128)

Follow up summary of Gladiator Stocks

Other product open recommendations

Date Product Scrip Name Market Strategy RP Target Stoploss Time Frame
11-Apr-2023 Momentum Pick ONGC Cash Buy 158 171 148 30 Days
02-May-2023 Momentum Pick SAIL Cash Buy 84.5 93 79 30 Days
03-May-2023 Momentum Pick Mahindra CIE Cash Buy 410 445 390 14 Days
04-May-2023 Momentum Pick Graphite Cash Buy 320 348 298 14 Days
Source: Company, ICICI Direct Research

Product Guidelines......

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For example: The ‘Momentum Picks’ product carries 2 intraday recommendations. It is advisable to allocate equal amount to each recommendation

INFOGRAPHIC

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