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HomeNewsMCX can rally to Rs 1,725, CSB Bank Rs 287, says Mehul...

MCX can rally to Rs 1,725, CSB Bank Rs 287, says Mehul Kothari; check why




Buy Range: Rs 1,645 – Rs 1,648

Target: Rs 1,725

Stop Loss: Rs 1,599

is currently trading well above its 200-DEMA (day exponential moving average) OHLC (open, high, low, close) band, thus confirming its uptrend.

On December 13, the said counter gave a clean breakout from its tight range of Rs 1,550-Rs 1,600 along with the rising curvature of the 200-DEMA OHLC BAND adding more confirmation for the upside.

On the indicator front, the daily MACD gave a bullish reverse divergence along with the daily RSI (relative strength index) bouncing back from 60 levels; thus indicating more strength in the counter.

Upside for the stock is expected till Rs 1,725 and stop loss is seen around Rs Rs 1,599


CSB Bank

Buy Range: Rs 264 – Rs 266

Target: Rs 287

Stop Loss: Rs 254

After registering the top of Rs 374 in July 2021, the said counter has been making lower highs & lower lows structure which resulted in a 52 percent cut in stock price.

Immediately after June 2022, CSB changed its price structure completely by making higher highs and higher lows and was able to make a solid base near Rs 220.

Recently, the counter witnessed 14 months old weekly trend line violation followed by massive buying interest.

On the indicator front, weekly MACD (moving average convergence and divergence) gave the bullish cross above the zero line along with weekly DMIs (directional movement index) above 25 levels hinting at positive momentum in coming sessions.

Upside for the stock is expected till Rs 287 and stop loss is seen around Rs 254

(Mehul Kothari – AVP – Technical Research, Anand Rathi Shares & Stock Brokers. Views are personal).


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