PL Technical Research: STOCK ON RADAR - DEVYANI INTL

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

DEVYANI INT CMP: - 203, On the daily line chart, the stock has given an inverted head and shoulder pattern breakout above 200 levels after a long consolidation in the range of 185–200 levels. Looking at the chart, the first resistance level will be the 52-week high, which lies around 215; a closing above 215 will see a level of 250–280 in coming days. The RSI has also shown signs of bottoming out and reversing the trend to signal a buy. With the chart looking attractive, we suggest buying and accumulating the stock for an upside target of 280 while keeping the stop loss near 185 levels.