Buy Finolex Industries

Analysis:

·         Stock is forming triangle formation on daily chart with taking support as shown by horizontal line.

·         Stock is corrected 50% from its recent life high of 179.50 and starts consolidate here suggest it may resume upward momentum.

·         Indicators like RSI, MACD, ADX and ROC suggest buying signals.

·         Stock is above its 20 days SMA, 50 days EMA, 100 days EMA & 200 days EMA suggest uptrend.

Strategy: Buy Finolex Industries at CMP- 156 and add on dips to 150 for possible Target- 170- 182 with stop below 146 on daily closing basis.