The stock has witnessed a steep correction from the peak of Rs 620 to fall to Rs 436 levels and thereafter has recovered significantly and has gained strength to retrace almost 50%. It has produced a healthy positive candle now and the RSI has shown a trend reversal signaling a buy in this stock. We anticipate the stock to move further upward and with decent volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 570 keeping a stop loss of Rs 502.
BUY MAHINDRA CIE AUTOMOTIVE
The stock has been gradually on the rise gaining potential and strength to signify more upward rally in the coming days and with the RSI also indicating a trend reversal on the positive side, we anticipate the stock to rise further to reach new targets. With good volume participation and also MACD on the rise, we recommend a buy in this stock for an upside target of Rs 274 keeping a stop loss of Rs 235.
The stock has made a lower bottom formation in the daily chart recently and thereafter has been consolidating for quite some time and has now gained strength and potential by producing a bullish candle pattern to rise further to scale new heights. Also a closing above the 200-DMA has brought in confidence and with the RSI strongly on the rise, we recommend a buy in this stock for an upside target of Rs 250 keeping a stop loss of Rs 212.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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