Buy This Tea & Coffee Stock For Over 20% Upside In 3 Months: HDFC Securities

After snapping 2 day losses, Indian markets ended in the green, As per provisional closing data, the S&P BSE Sensex surged 776.72 points at 57,356.63. The Nifty 50 index jumped 246.85 points at 17,200.05.

Meanwhile, brokerage firm HDFC Securities has come out with its positional pick based on technicals today:

Buy Harrisons Malayalam for over 20% upside for 3 months:

The brokerage firm is bullish on the counter of Harrisons Malayalam which is a plantation Company. The Company's operating segments include Tea, Rubber and Other.

Target price for Harrisons Malayalam

The company has recommended to buy this scrip for a target price of Rs. 225 and the recommended stop loss is Rs. 169.75 per share. The target is set to be hit in 3 months.

Technical observations:

-After showing upmove with volatile movements in the last week, the Tea stock (Harrisons
Malayalam Ltd) has witnessed a sustainable upside movement in this week.

-The stock price is currently making an attempt to stage upside breakout of the hurdle of
down sloping trend line around Rs 185-186 levels.

-The formation of long bull candles on the weekly chart indicate a formation of important
bottom reversal at the swing low of Rs 131-later March 22.

-Daily RSI has turned up above 60 levels and weekly RSI has just moved above 60 levels. This
could suggest further strengthening of upside momentum in the stock price ahead.

-The volume has started to expand during upside breakout in the stock price.

-The overall chart pattern of HARRMALAYA indicates long trading opportunity. One may look
to create positional long as per the levels mentioned above, says the brokerage.

Disclaimer:

The above stock pick is taken from HDFC Securities and is not a recommendation to buy in the scrip. Market related bets should be taken after careful analysis of your own profile as well as of the investment security under consideration.