PL Technical Research: STOCK ON RADAR - UTI AMC

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

UTI AMC has been in a consolidation phase for some time at around 770–820 levels and made a higher bottom formation in the daily chart, taking support at the 200 DMA, which is at 730 levels. The stock has a resistance range of 840–880 levels. The risk reward is favourable for the long side, and the stock also looks attractive, with the RSI indicator also showing a trend reversal signalling a buy, thus indicating a positive bias in the stock. We recommend buying and accumulating this stock for an upside target of 1200 levels, keeping a stop loss of 700.