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On the daily time framed, ICICI Securities Limitedis
sustaining above this breakout level of 220 that remains a positive sign. It
has been giving downward channel line chart pattern breakout last two days ago
with marginally higher volumes.
The stock is well placed above its 20 day’s SMA which
reconfirms upward momentum in the short to medium-term. We recommend traders to
take long positions in the range of 217-219 for the targets of 226-234 with
stop loss below 209 on daily closing basis.