VADILALIND NSE READY TO BLAST?

VADILALIND (NSE) has been trading in a nice descending channel and now an inverse head and shoulder pattern is clearly visible on daily chart. Stock is holding above its 20 and 50 days SMA and 20 days SMA has given a bullish cross above 50 week SMA confirming a short term shift in trend. MACD has climbed above zero line and now getting ready for a bullish cross above signal line that would attract fresh buyers in this stock. Stock has formed a breakout above neckline of inverse head and shoulder pattern. Now rally towards 200 days SMA (160) looks imminent and further stability above the same would extend current bullish move for a retest to down sloping trend line resistance of a bearish parallel channel.

Recommendation: As per charts and explanations one can go long in this stock around 148-140 zones with a stop below 130 for targeting 160-180 in near term.

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LET THE MARKET TELL WHO WE ARE

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