Stock of the day : Hero Motocorp Ltd For Target Rs. 120 - Religare Broking
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Hero Motocorp Ltd
* HEROMOTOCO has been showing signs of weakness after finding resistance around its previous breakdown zone which coincides with 61.8% retracement line.
* The stock consolidated for nearly a month and has now registered a decisive breakdown from the same.
* It is trading well below its short term moving average i.e. 20 and 50 EMA, which had provided key support in the past.
* We thus recommend creating shorts through the Put option
BUY 4400 PE Hero Motocorp Ltd CMP 68.50 Range 65-70 SL 45; Target 120
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