Technical Positional Pick - Buy Mahindra CIE Automotive Ltd For Target Rs. 218 - HDFC Securities
Technical Positional Pick - Buy Mahindra CIE Automotive Ltd For Target Rs. 218​​​​​​​- HDFC Securities
The down trend in this stock price (Mahindra CIE) seems to have reversed up, as we observe a fine upmove in the last couple of weeks.
The formation of hammer type pattern in the later part of April has resulted in a formation of a higher bottom at Rs 150.25.
The stock price has regained the resistance of weekly 10 period and 20 period EMA around Rs 167 and 164 respectively and is currently trading higher.
Weekly 14 period RSI is making an attempt to move above 60 levels. Its sustainable move above 60 could signal further strengthening of upside momentum.
The overall chart pattern of MAHINDRA CIE indicate long trading opportunity. One may look to create positional long as per the levels mentioned above.
Buy Mahindra CIE Automotive Ltd​​​​​​​ Up to 3 months @ Buy between 178.50-166 CMP 176.45 TGT 218 SL 163
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