Gladiator Stocks - Safari Industries - ICICI Direct

Technical View

The share price of Safari Industries has recently generated a breakout above the bullish Cup & Handle formation on the long term chart signalling continuance of up trend

The stock, in last seven weeks, has been consolidating in range of Rs. 840-710 above bullish Cup & Handle breakout area. It is currently on the cusp of breaking above last seven week's range signalling strength and offers a fresh entry opportunity

The stock has already taken seven weeks to retrace just 61.8% of its preceding seven week's up move (Rs. 596-842). A shallow retracement highlights a robust price structure

Among oscillators weekly 14 period RSI is in uptrend & is seen rebounding taking support at its nine period average, thus validating positive bias

For details, click on the link below: Link to the report

Shares of Safari Industries (India) Ltd., was last trading in BSE at Rs. 849.8 as compared to the previous close of Rs. 846.95. The total number of shares traded during the day was 4601 in over 724 trades.

The stock hit an intraday high of Rs. 865.3 and intraday low of 843. The net turnover during the day was Rs. 3934098.

Source : Equity Bulls

Keywords