Trade Idea of The Day - Eicher Motors Ltd Target Rs. 235 - Religare Broking Ltd
Eicher Motors Ltd
BUY 28 JUL 7500 CALL Entry Range 150-158 Target 235 Stop Loss 110
Rationale
1. EICHER MOTORS has decisively broken out of its recent consolidation range with a strong bullish candle, indicating fresh buying interest and signalling the potential for an extended upside move. Sustaining above the breakout zone is likely to attract further momentum buying.
2. From the technical prospective, the stock prices are trading above its key moving averages of 20-DEMA and 50- DEMA, reflecting a strengthening trend. The positive crossover of short-term averages continues to support the bullish outlook.
3. Momentum indicators remain constructive, with the RSI hovering near 60 mark, suggesting improving strength without entering the overbought zone. Meanwhile, the MACD is on the verge of a bullish crossover, reinforcing positive sentiments for the upcoming sessions
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