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Published on 15/04/2019 4:15:11 PM | Source: Choice Broking Pvt Ltd

Buy Hero MotoCorp Ltd For Target Rs.2920 - Choice Broking

Posted in Broking Firm Views - Short Term Report| #Hero MotoCorp Ltd #Auto Sector #Trading Report #Choice Broking

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* On a weekly chart, the stock has completed a “Harmonic Pattern” at 2515.00 level, the coordinates of which are as: Technical Parameters: XA leg from 2251.30 to 3740.00, AB of the leg completed at 2849.50 (i.e. 61.80% of XA leg), BC of the leg completed at 4091.95 (i.e. 127.20% of AB leg) and CD of the leg completed at 2515.00 (i.e. 78.60% of AX and 127.20% of BC leg).

* Moreover, the stock has taken a support of 100 Months Moving Average which suggest a bounce back move in the counter.

* Furthermore, the stock has formed an Inverted Hammer Candlestick which is a Bullish Reversal formation and indicates a bullish move in the counter.

* A daily momentum indicator RSI reading is at 57.85 level with a positive crossover which points out for a positive breath in the counter.

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

Recommendation

Buy Hero MotoCorp Limited @ 2690-2707 SL 2600.00 TGT 2920.00

 

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