Trading Idea: Finolex Cables – BUY
CMP Rs54, Target Rs68, Upside 24.7%
On the weekly chart, the stock has given a breakout on the upside. The above mentioned pattern has taken place after a steady downtrend. Last week, we saw, the stock stabilizing over its 50-Week Moving Average and closing well above it, signaling strength in the upmove. Based on above technical parameters, we recommend traders t o buy the stock at current levels with a stop loss of Rs47 for target of Rs68 and Rs73.
