Technical Pick - Aditya Birla Nuvo
ABIRLANUVO looks positive on charts ... Break and sustain above 1500 will take it to 1540--1580--1600 and then to 1660+ mark else could touch its support level 1450. Looks weak only below 1450 mark.
On Daily chart,ABIRLANUVO is trading above 21 and 55 days exponential moving average which is at 1414 & 1347 while MACD and RSI too showing positive diversion which indicate that upper side seems certain. Traders don’t go for aggressive or positional selling at all because trend is positive and we will expect rally to remain continue till 1600+ mark in coming weeks. For positional trade, stop loss seeing at 1450. It will get positional weak only below mark which is unlikely to breach in near terms.
Trading Recommednation
Buy ABIRLANUVO in Cash / Future around 1500--1505 Stop loss below 1450 for the initial target of 1540---1580---1600 and then to 1660+ mark.
