Kesoram Industries has a fruitful technical picture. It has found a bottom at Rs 38.60. Earlier to this, it had established a bottom at Rs 47.97. Now that the scrip is rising, it could come up with a resistance at that level. In fact, it could come up against a technical resistance at Rs 46.45. If it crosses that it would move up to Rs 47.97. But for speculators, what is more interesting is the possibility of it moving up higher. Should that happen, it can go as high as Rs 60. The daily stochastic as well as the RSI indicators have signalled a buy.
Volume has shot up to Rs 1.89 crore from Rs 0.64 crore. Speculative interest has surfaced. Therefore this is a reasonable play. Take care of Friday hype though. Good actually for medium to long term investoRs Short term investors are advised to device their own averaging strategy or cutting losses.
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