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1. HERO MOTOCORP is currently trading at 3170. On the daily chart, the price has formed a rounding bottom chart pattern breakout with good volume, and the overall Nifty Auto sector is also outperforming the Nifty, providing support for this stock.

2. If the price manages to sustain itself above the 3200 level has the potential to target levels of 3620. Consider buying on dips in the short-term correction near*3080.

3. Furthermore, HERO MOTOCORP is currently trading above critical Exponential Moving Averages (EMAs), including the 20-day, 50-day, and 200-day EMAs, reinforcing its bullish momentum and indicating the possibility of further upward price movement.

4. The Relative Strength Index (RSI) is currently at 62 and trending upwards, signifying increasing buying momentum. Additionally, the Stochastic Relative Strength Index (Stoch RSI) has recently shown a positive crossover from the oversold region. This combination of technical indicators suggests that HERO MOTOCORP may have the potential to reach a target price of 3620 in the near term.

Buy HEROMOTOCO in Cash @ 3170 and add upto 3080, For the TGT of 3620

FUNDAMENTAL

1 In QIFY24. HMCL has delivered largely in-line performance on all fronts. Revenue up 4.5% YoY/5.5% GoQ to Rs.87.67bn (vs est. Rs.89.32bn).

2. With the introduction of new variants such as the Xtec editions of the Splendor Plus, Passion. Super Splendor motorcycles, and the Xtreme 160R Stealth 2.0 edition, the company has already begun to add premium features to its existing product line.

3. HEROMOTOCO has 1) a lower threat to EV transition (scooter -8% of overall volume): 2) premiumisation of portfolio; 3) scaling up the EV operation; 4) entry into middleweight MC with HD-X440

SUMMARY

Investors are given a compelling investment opportunity in HEROMOTOCO by combining these important factors, which is backed up by both technical studies and Fundamental studies for the objective of 3620 in the mid-term. Given the favorable market indications. and the company's optimistic performance outlook, investors and traders may find this to be an ideal moment to evaluate the stock for potential gains

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