Triveni Engg - Short Term
Triveni Engg (116.05)
One of the sectors that witnessed a good buying
activity in the last week was the sugar sector. Following
footprints of some of the leaders, this one is also
seen making all the possible efforts of showing some
upward signs. This activity has helped the prices to lift
themselves from the recent low of 90 and move up a
good distance. The pick up from this low had been
forming a lateral phase, forming a strong valuation
around 114-115 levels.
After several failed attempts prices last session finally
managed to give a breakout from the above mentioned
valuation resistance and also the crucial 200 DMA on
the daily chart, just about closing above them. With
further follow thru to this move, it would indicate that
the buyers are getting very active in the counter.
Volumes and momentum are in sync with the current
rise. Weekly close is a positive one and holds out a
promise of rising higher. Factoring all these signals on
charts along with the momentum having picked up in
the market as a whole, one can look to buy this one.
Target comes around 140-145. Stop Loss 100.