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    Stock Radar: Venky’s sees a breakout from falling channel pattern on monthly charts. Is it a long-term buy?

    Most technical indicators suggest that bulls are here to stay. Hence, long-term investors can look to accumulate the stock.

    Synopsis

    Venky’s stock has a strong base around Rs 1400 and immediate support is seen around the Rs 1950-2000 mark. Additionally, it has seen a breakout from a falling channel pattern on the monthly charts. The stock jumped above the 50-month moving average in August and is sustaining above the same level, which suggests that the short-term trend is on the upside.

    Venky’s (India) Ltd, a prominent player in the FMCG industry, bounced back after retesting its crucial short-term moving average of 50-DMA earlier in October and has also witnessed a breakout from a 15-year ascending channel support.Long-term traders can look to buy the stock for a possible target of Rs 3000, which translates into an upside of over 40% from 16 October LTP of Rs 2131.The stock has a strong base around Rs 1400 and immediate
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    The Economic Times