PL Technical Research: STOCK RADAR:- AMARA RAJA ENERGY

PL Technical Research: Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher Pvt.

STOCK RADAR:- AMARA RAJA ENERGY cmp 695, The stock has bottomed out near 600 zone and picked up well recently to move past the 200 period MA at 616 zone and thereafter, with further move above the 50EMA and 100 period MA at 640 zone has improved the bias and also with the indication of a decisive breach above the triangular pattern above 640 zone, it has strengthened the trend anticipating for further rise till 730-740 zone. With the previous peak positioned at around 709 zone, one can anticipate for some consolidation or a slight profit booking and thereafter, carry on the momentum for second round of upward move. The RSI, which is on the rise, is well placed indicating strength and has immense upside potential to carry on the momentum further ahead. With the chart looking attractive, we suggest to buy and accumulate the stock for an upside target of 750-770 levels keeping the stop loss of 660.