MTAR Technologies Ltd - Breakout OpportunityDate : 21-May-2024
Rating : Buy - Positional Trade
LTP : Rs. 2,110.35
Targets: (1) Rs. 2,320 --> (2) Rs. 2,475 --> (2) Rs. 2,563
SL : Rs. 1,910 on daily close basis
Technical View:
• NSE:MTARTECH was moving in its primary downtrend since Sep-2023.
• After touching the lifetime high of 2,920 on 11-Sep-2023, it has retraced 43% to 1,661 level.
• On 21-May-2024, NSE:MTARTECH has broke out from its primary down trend with higher than average volume.
• Since 17-May-2024, NSE:MTARTECH is trading above 20 DMA, 50 DMA and 21 DEMA.
• RSI is trading at 75.36 and MACD is trading at 38.04.
• Both RSI and MACD is showing positive divergence on daily timeframe indicating a trend reversal.
Disclaimer : I am not a SEBI registered analyst/consultant and not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market. Ideas are published for learning purpose only.
