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Published on 17/04/2018 4:35:53 PM | Source: Choice Broking Pvt Ltd

Buy CEAT Ltd For Target Rs.1,725.00 - Choice Broking

Posted in Broking Firm Views - Short Term Report| #Ceat Ltd. #Tyres and Tubes Sector #Trading Report #Choice Broking

* On a weekly chart, after giving an healthy correction from its All-time high level, the stock has taken a support at 1480 level which is also a 100-Weekly moving average which suggests a bounce back movement in the counter.

* On a daily chart, after giving a brief correction, the stock has taken a support at 1570.42 level which is 38.20% Fibonacci Retracement of its previous rise from 1415 level to 1664 level which signifies that more demand may glean from this level.

* Moreover, on an hourly chart, the stock is trading above its 21 as well as 50 Hourly Moving Averages which show a positive trend in the stock.

* A daily momentum indicator RSI reading is at 56.62 level with a positive crossover which points out for a positive breath in the stock.

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

Recommendation

Buy CEAT Ltd @ 1620-1629.40 Stoploss 1575.00 Target 1,725.00


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