TVS Srichakra Limited

Buy - TVSSRICHAK

CMP (NSE) 11:01, 25 Sep

2,215.45 5.450.25%

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Reco. Price

3,550

Period

9-Month

Target Price

4,245

upside

21.3%

Stop Loss

2,924

Last updated on

22 Dec, 2017

TVS Srichakra Limited has given a strong recovery by forming a bullish Doji Candlestick on daily chart. The stock has also managed to breach its Declining Trend-line resistance and is currently on a verge of giving a possible Cup and Handle chart pattern breakout. Currently, the stock has also given a price breakout above its 200day EMA. Tracking the longer time frame, the stock took support around its 50% retracement levels from its previous up move of 2394 points starting from 1946 to 4340 levels.  
 
If the breakout unfolds the way it should, we expect TVS Srichakra to surge higher towards its potential target of Rs4,245 in 9 months. The breakout would stand void if TVS Srichakra ends below the support of Rs2,924 on weekly closing basis.

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