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HDFC Securities Bullish Buy Call on WESTCOAST PAPER

Introduction:

HDFC Securities has recently issued a buy call on WESTCOAST PAPER, setting a target range of 780-820 based on a comprehensive technical analysis. The analysis indicates positive momentum and various bullish indicators that suggest a promising outlook for the stock.

Technical Analysis Highlights:

  1. Consolidation Breakout:
    • The stock has undergone consolidation in recent sessions.
    • Breakout on the daily timeframe suggests a continuation of positive momentum.
  2. Bullish Patterns:
    • Presence of bullish patterns on both daily and weekly timeframes.
    • Crossing above the super trend line, fueling upward movement.
  3. EMA Support:
    • Found support on the 21 EMA (Exponential Moving Average) and bounced higher, indicating a positive outlook.
  4. Trend Line Breakouts:
    • Crossed above downward sloping trend lines on both weekly and daily bases.
  5. Point and Figure Chart:
    • Displays a double top buy pattern, a bullish indicator supporting the case for WESTCOAST PAPER.
  6. Momentum Indicators:
    • RSI (Relative Strength Index) and MACD (Moving Average Convergence Divergence) signaling bullish conditions.
    • Suggesting a likelihood of continued advance in the coming weeks.

Recommendation:

Based on the technical data presented, HDFC Securities recommends buying WESTCOAST PAPER at the current market price (CMP) of 725 and averaging at 700. The upside targets are set at 777 and 820, with a stop-loss at 678.

Conclusion:

The technical analysis paints a favorable picture for WESTCOAST PAPER, with multiple indicators aligning towards a bullish trend. Investors and traders interested in stock trading and technical analysis may find this recommendation valuable for making informed decisions in the dynamic stock market environment. As always, it’s essential to conduct thorough research and consider individual risk tolerance before making investment decisions.

Download data sheet here.

Disclaimer: Any views and investment tips expressed by any author, investment experts or agencies here on MSTimes are their own and not those of mine or website. I advises users to consult/check with certified Financial experts / advisors before taking any investment decisions.
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Manoj Singh

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