The stock has almost made a double bottom formation pattern on the daily chart near 398 levels to maintain a good support base and has pulled back strongly to imply strength with the potential to rise further in the coming days. The RSI also recovered decently from the highly oversold zone and indicated a trend reversal to signal a buy. The volume participation is quite decent and with the chart looking promising, we suggest to buy and accumulate this stock for an upside target of Rs 458 keeping the stop loss near Rs 400.
BUY PRAJ INDS | CMP: Rs 108.95 | TARGET: Rs 130-140 | STOP LOSS: Rs 102
The stock has made a higher bottom formation pattern on the daily chart to signify strength and high potential to give further bounce in the coming days. The RSI also has shown a reversal to improve the bias and we anticipate an upward move from hereon to scale 130-140 levels. We suggest to buy this stock for an upside target of Rs 140 levels keeping the stop loss of Rs 102.
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