Ravi Kumar Distiller (Long term)

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Ravi Kumar Distilleries Limited is within an approximate horizontal trend, which indicates further development in the same direction. Has reacted back after meeting the objective at 14.25 after a break of a double bottom formation. A significant penetration of 8.95 will again give new positive signals to the stock, while a break on the opposite side of the formation will be a strong negative signal. The stock has marginally broken down through the support at rupee 8.60. An established break predicts a further decline. Volume tops and volume bottoms correspond well with tops and bottoms in the price. This strengthens the stock and increases the chance of a break up. The stock is overall assessed as technically positive for the long term. One can accumulate this stock at current price 8.25 and then at 4 for long term TGT of 20 and 45.