PL Technical Research: Buy RAIN INDS - Medium Term Tech Pick

BUY RAIN INDS CMP: 168 TRGT: 187 SL: 160 - MEDIUM TERM TECH PICK - The stock has recently given a breakout above the triangular pattern on the daily chart and after a short dip, has once again indicated a positive candle to move past the significant 200 period MA and with a higher bottom formation has improved the bias to anticipate for further rise in the coming days. The RSI also, well placed has shown strength, slightly cooling off from the highly overbought zone and has potential to move further up. With the chart looking good, we suggest buying and accumulating the stock for an upside target of 187 while keeping the stop loss at 160.