Buy Container Corporation with stoploss of Rs 1270: Aditya Birla Money
The analyst is of the view charts of the company are indicating bullish pattern.
By ET Bureau |
MUMBAI: Aditya Birla Money is of the view charts of Container Corporation are indicating bullish pattern. The brokerage has advised to buy the stock with stoploss of Rs 1270.
“At recent low of Rs 1270 Container Corporation formed a good bottom through the convergence of 21 and 34 Weekly Exponential Moving Averages (WEMA), 23.6% Fibonacci retracement for the previous rally from the lows of Rs 606.60 to the highs of Rs 1425 and the given channel inside band.
The overall consolidation post highs of 1425 has shaped up as a probable triangle and by definition triangle are continuation pattern suggesting post breakout the next move will imitate previous impulse which happens to be positive in this case.
We suggest buying CONCOR above Rs 1340, with a closing stoploss of Rs 1270 for a possible target of Rs 1500,” the report said.
“At recent low of Rs 1270 Container Corporation formed a good bottom through the convergence of 21 and 34 Weekly Exponential Moving Averages (WEMA), 23.6% Fibonacci retracement for the previous rally from the lows of Rs 606.60 to the highs of Rs 1425 and the given channel inside band.
The overall consolidation post highs of 1425 has shaped up as a probable triangle and by definition triangle are continuation pattern suggesting post breakout the next move will imitate previous impulse which happens to be positive in this case.
We suggest buying CONCOR above Rs 1340, with a closing stoploss of Rs 1270 for a possible target of Rs 1500,” the report said.
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
ADVERTISEMENT
