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Published on 13/03/2019 5:00:04 PM | Source: HDFC Securities Ltd

Buy Eveready Industries India Ltd For Target Rs.265 - HDFC Securities

Posted in Broking Firm Views - Short Term Report| #Eveready Industries India Ltd. #HDFC Securities #Trading Report

 

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* The attached weekly timeframe chart of Eveready Ind Ltd signals an upside reversal pattern. After showing weakness in the last 5-6 weeks, the stock price has witnessed upside bounce in the last week

* We observe a formation of bullish engulfing pattern in the last week and the stock price is now shows a follow-through upmove in this week. We also observe a consistent higher bottom formation (indicative of orange uptrend line). This is positive indication

* The volume has expanded sharply during upside bounce in the stock price over the last two months. This could mean increasing participation of bulls at the lows. This could be another indication of bottom reversal in the stock price

* The stock price is now making an attempt to move above the intermediate term moving average (green curvy line-weekly 20 period EMA) at Rs 210 levels. Hence, one may expect further upside in the stock price for near term

* Weekly 14 period RSI shows a positive indication. This RSI pattern could mean a possibility of further strengthening of upside momentum in the stock price for near term

* The overall positive chart pattern of Eveready Industries India Ltd shows a long trading opportunity. One may look to create a long trading positions as per the levels mentioned above

Recommendation

Eveready Industries India Ltd Buy between CMP & Rs 193 Stop Loss 189  Target 234/265 CMP 211

 

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