Buy Bombay Burmah Trading Corporation Ltd (BBTC) between CMP & Rs.378; Target Rs.435 :: HDFC Sec

Please Share::

�� India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details ��

��

-->
Current Observation:
 The attached daily timeframe chart of Bombay Burmah Trading Corporation Ltd (BBTC) is indicating a sharp bottom
reversal pattern, after showing gradual declines in the last 5-6 sessions.
 We observe a larger bullish sequence of higher tops and bottoms in the last many months and currently the stock
price is in the process of forming a new higher bottom of around Rs.354 levels. Hence one may expect further
upmove in the stock price to form a new higher top.
 The key intermediate term support of 50day EMA (pink curvy line) is intact around Rs.364 levels and the stock price
has moved above the minor hurdle of down sloping minor trend line around Rs.375 in today’s session. This could be
viewed as a valid bottom reversal pattern for the stock price.
 Daily momentum oscillator like 14 period RSI has turned up from near the key lower levels and also lower bullish
range (80-40 levels) of 40 levels. From here, the daily RSI is expected to move up to upper 60 and above as per its
bullish range theory. This is signaling a beginning of upside momentum here.
 Chart pattern and momentum are indicating an opportunity for fresh buying in BBTC for near term.


LINK
http://www.hdfcsec.com/Research/ResearchDetails.aspx?report_id=3010543