BUY Triveni Enginnering & Industries CMP Rs114
In past few trading sessions, Triveni Enginnering has been holding
quiet well around the neckline of an inverted Head & Shoulders
pattern prevailing at Rs107-108.
This week, the stock rallied above its 200-DMA (Rs110) which is
likely to act as a solid base for resumption of positive momentum in
the counter. MACD sustaining above the reference line also
corroborate positive trend in the stock.
Applying inverted Head & Shoulders projection in the near term
gives immediate target of Rs125. We advise buying the stock in
the range of Rs112-115 with a stop loss of Rs107 for a shortterm
target of Rs128.
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