PL Technical Research: Buy ABFRL - Technical Pick

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

BUY ABFRL CMP: 212 TRGT: 245 SL: 199 - TECHNICAL PICK - The stock has witnessed a decent erosion from 360 levels to bottom out near 186 zone and indicate a pullback to move past the significant 50EMA level of 209 to improve the bias and has further scope for upward movement. The RSI indicator is well placed and has been on the improvement with much upside potential indicated. With the chart looking attractive, we recommend a buy, keeping a stop loss of 245 for an upside target of 199.