Expect Rs 40-60 upmove in Valecha Engineering: Ventura

MUMBAI – Bharat Gala, president, Ventura Securities is of the view that Valecha Engineering has given an upmove crossing all near term averages. He expects the stock to gain another Rs 40-60 from current levels.

“Since April, Valecha Engineering is trading in 160-195 price bands. It has just given an upmove crossing all near term averages and closing above the pattern with decent volumes. The stock is due for a first upmove of Rs 40-60.

Supports are at Rs 195-175-159-134. Incase the upmove is strong, the stock will not breach Rs 170 levels.

Two consecutive closes below Rs 134 negates the view for target of Rs 400. The trend indicator suggests presence of firm uptrend in the stock,” Gala said.