Stock of the week - Siemens Ltd For Target Rs.3190 By GEPL Capital
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Siemens Ltd
Observation
* On long term charts SIEMENS is moving in a strong uptrend since March 2020 and continuous to move with higher highs and higher lows formation maintaining the strong bullish trend in the undertone.
* Currently the stock trades only 4.8% away from its life high whereas the Nifty is 8% lower from its life highs.
* On the weekly charts the stock is continuously taking support at the 20 week SMA (2315) and holding above the same with some mild whipsaws.
* On the indicator front RSI plotted on weekly scale is comfortably sustaining above the 50 mark and moving higher indicating bullish momentum in the underlying
Inference & Expectations
* The stock has shown relative outperformance compared to Nifty and has managed to sustain at higher levels even in the current market weakness.
* In the current week the stock has broken out of a 2 months long consolidation with good volumes and has started moving higher.
* Going ahead the stock has the potential to continue its outperformance and move higher towards 2792 (61.8% Fib extension 1565-2402) followed by 3190 (100% fib extension 1565-2402).
* One can Buy SIEMENS at current levels with a target of 2792 and 3190 with a strict stop loss of 2315 on closing basis
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Siemens Ltd : LTP : 2457 Target: ₹3190 Stop Loss : 2315
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SEBI Registration number is INH000000081.
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