Alok Industries Ltd. CMP—Rs 18.90
Technical Outlook & Trading Strategy:-
The share price of Alok Industries has seen a sharp fall from the highs of Rs 25.6 on 1st Aug 2011 to the lows of Rs 15.6 Levels. The stock has since then pulled back and tended to trade within the Rs 15.6---Rs 20.3 range. On the daily chart the stock has managed to close above its cluster of moving averages. The momentum indicator on the daily chart is also in a bullish zone suggesting more upside in the stock.
We recommend traders to buy in the range of Rs 18.8— Rs 19.1 levels with a stop loss placed below `17.9 levels for targets of Rs 20.5 – Rs 22.5 levels.
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