Monthly Report on Eicher Motors Ltd by Choice Broking Ltd
Eicher Motors (EICHERMOT) is currently trading at Rs 4,999.9 and consolidating within a rectangle chart pattern. The price action indicates a potential breakout from the range, supported by increasing trading volumes, which highlight strong buying interest and signal the possibility of further gains. Based on this technical analysis, a target price of Rs 5,400 is projected. Key technical indicators reinforce this bullish outlook.
The stock is trading above critical Exponential Moving Averages (EMAs), particularly the 50-day EMA, confirming a positive trend and supporting further upside potential. Additionally, the Relative Strength Index (RSI) is at 58.83, suggesting strengthening momentum and increased buying activity, aligning with the anticipated upward movement. To effectively manage risk, a stop-loss at Rs 4,800 is recommended to protect against unforeseen reversals.
For those looking to enter this position, buying around Rs 4,900 offers an attractive reward-to-risk ratio. In summary, Eicher Motors presents a strong buying opportunity with a target of Rs 5,400, supported by robust technical indicators and prudent risk management strategies.
Buy Eicher Motors Ltd??????? @ 4999.9 with a target of 5400 and a stop loss at 4800
For Detailed Report With Disclaimer Visit. https://choicebroking.in/disclaimer
SEBI Registration no.: INZ 000160131
