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| Graphite Industries for target of Rs 104 |
“On the daily chart, Graphite Industries has given an upside breakout in Friday’s trading session. It suggests that the consolidation range is about to end and may reverse into an uptrend. On Friday, the stock rallied by over 5% confirming the bullish set up. Moreover, the stock has given a close above its key moving averages on expanding volumes.
The other supportive technical oscillators are positive and the up move may extend to the levels of Rs 104. It is advisable to maintain a stoploss of Rs 91 on all long positions,” the report said.
Note:Trading idea valid for time-period of 1-3 days.
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