PL Technical Research: STOCK ON RADAR - AMBIKA COTTON

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

STOCK ON RADAR - AMBIKA COTTON: AMBIKA COTTON has bottomed out near 1300 level after the decent correction witnessed and gradually has picked up momentum to improve the bias. Currently with a positive bullish candle pattern in the daily chart has triggered a buy signal with strength indicated moving above the significant converging 200DMA and 50EMA levels at 1540 to further improve the trend. The RSI is also well placed and is on the rise with potential to carry on the momentum still further upside. We suggest to buy and accumulate this stock for an upside target of 1900 – 1980 keeping the stop loss near 1480 level.