The stock has moved up decently and decisively above the 50-EMA level with a bullish candle pattern in the daily chart after a consolidation phase that stayed for quite some time and has now given a triangular pattern breakout to improve the bias. With the RSI also well placed and indicating a trend reversal to signal a buy, we anticipate further upward rise in the coming days. With the chart looking attractive, we suggest to buy and accumulate this stock for an upside target of 840-860 keeping the stop loss of 720.
BUY SNOWMAN | CMP: Rs 54.75 | TARGET: Rs 62-64 | STOP LOSS: Rs 52
The stock has attained the base of the channel pattern in the daily chart taking support near 52 levels and has given a bullish candle pattern in the daily chart to move past the significant 50-EMA level of 53.20 decisively and anticipate further upward rise. The RSI also has improved the bias and indicated a trend reversal to signal a buy. We suggest to buy and accumulate this stock for an upside target of 62-64 keeping the stop loss of 52.
Disclaimer: The author is a technical analyst with Prabhudas Lilladher. She may have positions in one or more stocks mentioned above. Views are personal.
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