Target: Rs 1150-1160Stop Loss: Rs 1014
This counter looks perfectly good on the chart. The auto stock did not participate in the current downfall of Nifty and showed good strength in a pullback. It is continuously in an uptrend.
On charts, this stock is in momentum as all the counters related to this had moved on the RSI is 60 approx and also gives a bullish signal, and the MACD crosses below the zero line, confirming that bullishness may continue in the near term. Hence , we recommend buying this stock for a target of Rs 1,160 with a clear-cut predefined stop loss of Rs 1,014.
(Rakesh Bansal, Partner, iamrakeshbansal.com)
