Anand Rathi targets Uttam Galva for Rs 61
Anand Rathi Securities recommends accumulating the Uttam Galva Steel stock aggressively between Rs 39 to current levels with a stoploss of Rs 35.70 for a target of Rs 61.
By INDIATIMES NEWS NETWORK |
MUMBAI: Anand Rathi Securities recommends accumulating the Uttam Galva Steel stock aggressively between Rs 39 to current levels with a stoploss of Rs 35.70 for a target of Rs 61.
The stock broke its medium term trend line at Rs 37and has managed to hold its ground above that level ever since. It is also important to note that the price graph shot up vertically in the recent past on expanding volumes as against the contracting volumes in the fall of the previous swing. This clearly proves that the bulls are in total control of the stock, the brokerage says in its medium term technical call.
The multiple crossovers of shorter term moving averages above the 200 DMA adds to the bullishness of the stock, Anand Rathi says.
The stock broke its medium term trend line at Rs 37and has managed to hold its ground above that level ever since. It is also important to note that the price graph shot up vertically in the recent past on expanding volumes as against the contracting volumes in the fall of the previous swing. This clearly proves that the bulls are in total control of the stock, the brokerage says in its medium term technical call.
The multiple crossovers of shorter term moving averages above the 200 DMA adds to the bullishness of the stock, Anand Rathi says.
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