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Published on 17/07/2019 4:35:50 PM | Source: Choice Broking Pvt Ltd

Buy Greaves Cotton Ltd For The Target Rs.143 - Choice Broking

Posted in Broking Firm Views - Short Term Report| #Greaves Cotton Ltd #Trading Report #Choice Broking

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* On an hourly chart, the stock has given a breakout above neckline of its Double Bottom formation which is a bullish reversal pattern and suggests a bull run in the counter.

* Moreover, the stock has been sustaining above its 50 Hourly Exponential Moving Average which shows a positive move in the counter.

* On a daily scale, the stock has bounced back after taking a support of around 125.30 level which is 78.6% retracement level of its previous move from 116.35 level to 156.85 level which suggests a positive move in the counter.

* A daily momentum indicator RSI reading is at 40.97 level with a positive crossover which points out for a positive breath in the stock.

* Based on the above technical structure, we are expecting a good upside movement in the counter in few trading sessions.

Recommendation

Buy Greaves Cotton Ltd @133.10-132.00 Stoploss 128 Target 143

 

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