Aarti Industries Ltd - BUY
CMP: Rs 770; 3 Months Target: Rs 903; Stop Loss: 700; Upside: 17.3%
Aarti Industries Ltd is trading in a strong higher top higher bottom chart structure and is on a verge of breaching its life time high of Rs 818. Analyzing the longer time frame, on weekly chart, the stock has given a flag breakout. Tracking the recent trading activities, the stock is continuously forming long positions with rise in delivery volumes, indicating a continuation on this uptrend up to 903 levels, which coincides with its 1.5% retracement from its previous trading range of 174 points. This suggests Aarti Industries is all set to resume its northbound journey. The stock has a potential first target of Rs 903, translating into 17.3% returns.
Analyzing the shorter time frame, on daily chart, Aarti Industries has given a strong recovery after taking a support at 61.8% retracement from the trading range of Rs 818-Rs 717. The up thrust has been accompanied with credible volumes that indicate strength in the current upswing.
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