Buy Capital First, target Rs 612
Traders can accumulate the stock in a range of Rs 555-565 for the upside target of Rs 612 levels and a stop loss below Rs 520, says Shitij Gandhi of SMC Global Securities.
In the recent weeks, Capital First took support around Rs 480 levels and witnessed a V-shaped recovery thereon which helped it to surpass above its 200-day exponential moving average (EMA) on the daily charts.
On the shorter time frame, the stock has formed a rounding bottom pattern while on the broader charts, a breakout above “Cup & Handle “pattern can be seen.
Both the pattern is bullish in nature. Traders can accumulate the stock in a range of Rs 555-565 for the upside target of Rs 612 levels and a stop loss below Rs 520.
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