Colgate Palmolive (BUY, between Rs861-Rs865, Target Rs910): Colgate Palmolive on the daily chart has signaled breakout from the symmetrical triangle with expansion in the volumes. The breakout was accompanied with positive crossover in the RSI with prices crossing above the short term moving average at Rs867. However, we believe there would be pullback attempt to test solidity of support at Rs860 which should also become decent entry point. As prices currently hovering in the middle of Bollinger band, immediate target can be placed at Rs910 which is upper Bollinger band. The stochastic also is yet to enter any overbought position which suffice better risk reward ratio from the current levels. We advise buying the stock in the range of Rs861-865 with stop loss of Rs845 for target of Rs910.
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