amankavi
Long

Ruchira Papers - Investment stock (can rebound)

NSE:RUCHIRA   RUCHIRA PAPERS LTD
Scrip can rebound back as it is facing resistance at support levels with double bottom and is already trading around 52-week low

Rest in charts.

Bullish momentum sign
1) RSI indicator rising in past few sessions
2) Although, Broadening Falling wedge pattern in play which is bearish sign however scrip has started to face resistance after partial decline
3) Stake holding of known investors like Dolly Khanna
https://www.moneycontrol.com/news/business/companies/hsil-awaiting-regulatory-approvals-for-demerger-2535875.html
4) Fundamentally sound company which has shown great results with progressive rise in PAT YoY basis, reducing debts with RoE more than 20%, CAGR coming in 15.87%
http://www.business-standard.com/article/news-cm/meghmani-organics-consolidated-net-profit-rises-130-95-in-the-december-2017-quarter-118021000690_1.html
https://www.indiainfoline.com/article/editorial-interviews-leader-speak/interview-jatinder-singh-chairman-whole-time-director-ruchira-papers-limited-117062900237_1.html
https://www.screener.in/company/RUCHIRA/

Aiming towards TP- resistance zone and beyond thereon after entry confirmation until the scrip sustains above support levels.

SL as per risk appetite

https://www.screener.in/company/RUCHIRA/
Comment: Bullish pin bar in play in today's session. Gap up might be seen tomorrow as MACD also showing bullish crossover

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