Stock of Balrampur chini is trading in upward trading channel since January 2012. It took 3 supports on lower trendline of the channel as shown in chart with number. Out of the three, third support was taken last week and stock zoomed more than 5% on friday (30 nov 12). Stock is likely to continue its upward movement as long as it does not break the lower trend line. Stock is still below its key moving averages but in the channel which is upward.
Stock can be bought at CMP (63.90) or in dips for the medium term targets of 70-72.
Stop loss at 60.5 recommended.
