Buy Shopperstop - Medium Term Technical Call - Anand Rathi

SHOPPERSTOP is steadily moving up within a rising channel on weekly charts where good support exists around Rs.420-Rs.425 and now looks very good to cross Rs.504.85 which is all time high for the stock, Crossing which target of Rs.570 is possible for the stock.

The stock is trading above all major averages with the 200DMA at Rs.371, 100DMA at Rs.395 and 50DMA at Rs.422 while 200 Week M.A is pegged at Rs.283 . SHOPERSTOP has also witnessed buying in huge volumes in the past 6-8 weeks suggesting that strength is prevailant in the stock even at higher levels.

We recommend buying the stock on every dip and accumulate the stock for an upside target of Rs. 570 in the medium term.

Source : Equity Bulls

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