Now Get InvestmentGuruIndia.com news on WhatsApp. Click Here To Know More
* With innovation at the core of its philosophy, the New Delhi (India) headquartered Hero MotoCorp has been at the forefront of designing and developing technologically advanced motorcycles and scooters for customers around the world. It became the world’s largest two-wheeler manufacturer in 2001, in terms of unit volume sales in a calendar year, and has maintained the coveted title for the past 18 consecutive years.
* Hero MotoCorp is the dominant market leader in India – the world’s largest two-wheeler market – with over 50% share in the domestic motorcycle market along with over 85 million satisfied customers across the globe, it continues to champion socio-economic progress and empowerment through its range of products and services.
* Hero MotoCorp has taken rapid strides to expand its presence to 37 countries across Asia, Africa, and South & Central America. Hero MotoCorp is a truly global enterprise with a workforce that comprises of people from different nationalities including India, Bangladesh, Colombia, Germany, Austria, Japan, and France.
* Hero MotoCorp has seven globally benchmarked manufacturing facilities, including five in India and one each in Colombia and Bangladesh with an annual combined production capacity of around 9 million units of two-wheelers.
* On a monthly chart, the stock has completed a “Harmonic Formation” near to 2515 level which shows a bounce back movement in the counter.
* Moreover, the stock has formed an Inverted Hammer Candlestick formation with the support of 100 Months Exponential Moving Average which can be considered as a Bullish Reversal formation and suggests an upside movement in the counter.
* On a daily chart, the stock has given a breakout of its upper band of Falling Wedge formation which is a Bullish Reversal formation and shows a northward movement in the counter.
* Additionally, the stock has been continuously trading with its strong support of 21 & 50 Days Simple Moving Averages which signify that the medium term trend is bullish.
* A daily momentum indicator RSI’s reading is at 61.50 with a positive crossover, apart from this, the RSI has formed a Positive Divergence 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 HEROMOTOCO towards the level of 3180.
To Read Complete Report & Disclaimer Click Here
For More choiceindia Disclaimer http://www.choiceindia.com/disclaimer.aspx
Above views are of the author and not of the website kindly read disclaimer