Anand Rathi’s Technical Speak- Ispat Industries

Ispat Industries has breached its intermediate resistance at Rs 18 and continues to sustain above that level. The substantial increase in volume along with the price indicates that the bulls are clearly committed to the stock.

The stock has clearly entered into a fresh bullish trajectory after a prolonged accumulation. Buy this stock aggressively between Rs 18 –Rs 19.50. We expect the stock to reach a target of Rs 26-30 in the medium term. Keep a stop- loss of Rs 16.20, says Anand Rathi Securities in a report dated Sep 12.

At 12:14 pm on BSE, the Ispat Industries share was at Rs 19.20, up 3.5 per cent over Tuesday’s close. Total traded quantity was 94,36,728, against the two-week average of 1,27,70,261 shares. A week ago, the stock was at Rs 18.75 and month earlier Rs 13.89.