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Buy Voltas, target Rs 640

The stock can be bought at current levels and on dips to Rs 570 with a stop loss below Rs 550 for a target of Rs 640 levels.

 

Voltas had seen a sharp decline from high of Rs 665 in the month of April this year to a low of Rs 493. Low was formed on high volumes and long ranged bar  suggesting value buying coming at lower levels.

The stock has formed a rounding bottom pattern between Rs 560 and 493 odd levels on the short-term daily chart. Price has given breakout from Bollinger band on the upside with the expansion of band suggesting a continuation of the trend in the direction of the breakout.
Daily MACD has moved above neutral level of zero suggesting bottoming process is complete and the stock likely to see the start of a new uptrend. Thus, the stock can be bought at current levels and on dips to Rs 570 with a stop loss below Rs 550 for a target of Rs 640 levels.
MORE WILL UPDATE SOON!!

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