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Siyaram Silk
SIYARAM SILK: Daily chart
1565
1450 - 1565
Sequential
Targets
1750 - 1990
Stop Loss
Time Frame
1350
180 Days
Weekly Chart
Observation
On Daily chart, the stock has broken out of its sideways move and now trades above the earlier highs.
After breaching downward sloping trend line, the stock is making higher top higher bottom formation, which is a bullish indication.
On weekly chart the stock has crossed above 100% extension level of the previous up move suggesting this trend in the stock could
continue.
Traders could start accumulation between Rs. 1450 & Rs. 1565 level
All the momentum indicators are showing positive indications for the stock.
RSI is trading above 60 level suggesting traders could see bigger moves in the stock.
ADX is also in the positive trend suggesting current uptrend could continue for few more weeks.
In coming sessions, traders could accumulate stock between Rs. 1450 and Rs. 1565 level for a sequential targets of Rs. 1750 & Rs.1990
(138.2% extension and 200% extension levels respectively). Traders could keep the stop loss at Rs.1350 level on weekly closing basis.
RETAIL RESEARCH
Note: Once the market opens for trade, the analyst will review it and decide to give the call through an internal mail/SMS at the same or different levels of
entry, target and stop loss or not give the call at all or give a call in Futures/call/put. Clients could get in touch with the analyst through their designated
dealers to check about this.
RETAIL RESEARCH