Stock Picks - Buy Greaves Cotton Ltd For Target Rs.165 - ICICI Direct
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Technical Observations
* The BSE capital good index has registered a resolute breakout from 13 year’s broader range exhibiting structural turnaround. The share price of Greaves cotton has been an underperformer in the capital goods space. We expect to witnessed catch up activity
* The stock is at the cusp of generating a breakout above the last 12 weeks range (| 152-129) signalling resumption of the up move and offers fresh entry opportunity
* We expect the stock to maintain positive bias and head higher towards | 165 levels as it is the 61.8% external retracement of the entire decline (| 184-126)
* The base of the entire last three months consolidation is placed at the 52 weeks EMA signalling overall positive price structure
* The weekly 14 periods RSI has generated bullish crossover recently and is in rising trajectory thus validates positive bias.
Buy Greaves Cotton Ltd @ 148.00-153.00 TGT 165 SL 143
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