Buy Dixon Technologies with a target of Rs 3,880: Aditya Agarwala

Aditya Agarwala

On the daily chart, Dixon Technologies (India) is on the verge of a breakout from an Ascending Triangle pattern neckline placed at Rs 3750 (as indicated on chart) indicating bullishness building up in the stock. A trade above Rs 3,750 with healthy volumes can take the stock to the upper end of the pattern placed at Rs 3,880.

Further, it has taken support at the 50 percent Fibonacci retracement level and turned upwards affirming bullishness.

Moreover, RSI has witnessed a range shift after taking support at the 50-level entering the bull zone affirming bullishness.

Stock may be bought in the range of Rs 3,665-3675 for targets of Rs 3,880-4000, keeping a stop loss below Rs 3,500.

Disclaimer: The author is Technical Analyst at YES Securities (I) Ltd.The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.