Stock Pick for the day: Belle Int'l

Recommendation Buy

Target : 10.50 & 11

Recommended Price : 10

Stop Loss: 9.75

STOCK SUMMARY:-

Major trend of is bullish on chart. It has been trading with higher top and higher bottom formation with positive biasness. We recommend the stock to buy at current level of 10 with stop loss of its previous significance low of 9.75 and stock is likely continue north ward movement in upcoming session. One can initiate long position in the stock and can expect the targets of 10.50 & 11 in short term, while support of 50 DMA at 9.75 on hourly chart can act at stop loss.

CHART FORMATION:-

Stock is forming higher top and higher bottom and appearance of golden cross showing that momentum in the stock may remain positive and likely to show northward movement with expanding of bullish gap and the breakout of upper resistance level.

INDICATORS:-

MACD Line is likely to cross its single line, which can bring upward momentum in the stock.

RSI is also trading above 50 mark on daily charts and showing conversion with prize trend. On ADX positive DI Placed above negative DI and ADX is about to give breakout from 25 mark.