PL Technical Research: Buy UTI AMC - Medium Term Tech Pick

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

BUY UTI AMC CMP: 715 TRGT: 795 SL: 675 - MEDIUM TERM TECH PICK - The stock after taking support near the 600 zone making a double bottom formation on the daily chart has picked up well and currently after a short dip has taken support near the important 50EMA level of 685 zone and indicated a pullback with improving bias to form a rising channel pattern.

The RSI has also flattened out after the slide and indicating a trend reversal showing strength to signal a buy and has much upside potential to carry on the momentum still further ahead. We suggest buying and accumulating the stock for an upside target of 795 while keeping the stop loss at 675.