Accumulate Praj Industries, target 107: Shitij Gandhi
"The positive divergence on secondary indicators are supporting the up move in prices along with multiple supports at its short and long-term moving averages," says Shitij Gandhi, Senior Research Analyst at SMC Global Securities.
Shitij Gandhi
On the daily charts Praj Industries has formed double bottom formation around Rs 80 levels and bounce back sharply to once again regain the momentum above its 200-days exponential moving average.
In addition, the stock has also formed inverted head and shoulder formation on daily charts and is on verge of a breakout above its neckline.
The positive divergence on secondary indicators are supporting the up move in prices along with multiple supports at its short and long-term moving averages. The traders can accumulate the stock in a range of Rs 95-98 for the upside target of Rs 107 with a stop loss below Rs 89.
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