Buy Whirlpool of India Ltd between CMP & Rs.647; Target Rs.735 ::HDFC Sec

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Current Observation:
 Attached daily timeframe chart of this home appliance stock is indicating that the stock price were moving in larger
consolidation and it recently witnessed a sharp upside breakout of the consolidation.
 After moving into triangle type pattern (brown converging trend lines) in the last 5-6 weeks, the stock price staged
an upside breakout of the pattern around Rs.630-640 levels in today’s session.
 We observe a larger positive sequence of higher tops and bottoms in the last many months and the recent low of
around Rs.570 could be considered as a new higher bottom of the sequence. Now, one may expect sharp upmove in
the stock price to form a larger higher top.
 Daily momentum oscillator like RSI has turned above 60 levels. Having shifted into a bullish high low range (75-
80/40 levels) in the last many months, the daily RSI is now expected to move up to 75-80 levels, from the current
reading of around 67. This expected action of daily RSI could mean more upmove for the stock price for near term.
 Positive chart pattern and momentum is suggesting a fresh buying opportunity in the stock price.

LINK
http://www.hdfcsec.com/Share-Market-Research/Research-Details/StockReports/3010514