Trade Idea of The Day - Eicher Motors Ltd Target Rs. 230 - Religare Broking Ltd
Eicher Motors Ltd
BUY 29 SEP 7800 CALL Entry Range 110 -120 Target 230 Stop Loss 55
Rationale
• EICHERMOT continues to maintain positive momentum on the weekly chart, as the stock prices trading above its rising 20- WEMA, indicating sustained buying interest. The broader structure remains bullish as the stock holds above key movingaverage supports.
• On the technical front, the stock has witnessed a recovery from the 7,500 zone and is currently trading around 7,750. Resilient trading above this zone would keep the bullish setup intact, while the 7,200 (50-WEMA) zone remains a crucial positional support.
• Momentum indicators also support the positive bias, with the weekly RSI holding above the 50 mark and the MACD histogram continuing with a bullish crossover, indicating improving momentum and scope for further upside.
• Going ahead, a decisive breakout above the 8,000 zone could trigger fresh buying interest and extend the uptrend towards the 8,200-8,300 zone.
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SEBI Registration number is INZ00017433
