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Published on 26/01/2018 10:41:12 AM | Source: Choice Broking Pvt Ltd

Buy Greaves Cotton Ltd For Target Rs.150.00 - Choice Broking

* On an hourly chart, the stock has given a breakout of its descending triangle pattern which suggests further thrust in the counter.

* Additionally, on the daily chart the stock has bounced back after taking support of its 100 days exponential moving average which signifies strength in the stock.

* Moreover, the stock is trading above its 20 as well as 50 hourly exponential moving average with ample volume activity which suggests a further northward movement.

* The daily momentum indicator RSI reading is at 58.15 with a 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 Greaves Cotton Ltd @ 140.85 StopLoss 135.50 Target 150.


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