Since a last couple of months, Avenue Supermarts (DMART) corrected by almost 20 per cent from the top and is now hovering near the 4,000 mark. The fall got arrested exactly at the placement of its 200 day moving average. Here, we are witnessing a bullish engulfing candle, which indicates a bullish reversal in the stock. Thus, traders can buy the stock near the 4,150-mark with a stop loss of 3,950 for upside target of 4,550 in 3 – 5 weeks.
BUY EICHER | TARGET: Rs 2,800 | STOP LOSS: Rs 2,560
On the daily chart of Eicher Motors we are witnessing a double bottom formation near 2,570 mark. This formation is exactly at the placement of ICHIMOKU support on daily as well as weekly scale. In addition, we are witnessing a trend line breakout on lower time frame which indicates possibility of fresh upside. Thus, we advise traders to accumulate the stock in the range of 2,650 - 2,640 with a stop loss of 2,560 for an upside target of 2,800 in coming 3 – 5 weeks.
Disclaimer: Mehul Kothari - AVP – Technical Research, Anand Rathi Shares & Stock Brokers. Views own.
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