HEMRAJ : Risk of a pullback to 1.56-1.58

HEMRAJ’s resent rebound failed to break to break the trend of lower highs and lower lows. The counter has support from 1.67 – its 200 day SMA up to 1.73, but we think there is risk of this range giving way with a subsequent pullback to 1.56-1.58.

A daily close on strong buying at or above 1.88 is needed to turn the stock properly bullish, and for the near term we favour the pullback scenario



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