The stock has made a higher bottom formation pattern on the daily chart, taking support near 1,410 levels. It has indicated a bounce back implying strength that has the potential to rise further in the coming days. The bias has improved with the RSI also indicating a rise and almost showing a trend reversal to signal a buy. With good volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 1,570 keeping the stop loss near Rs 1,400.
BUY HERO MOTOCO | CMP: Rs 2,429.75 | TARGET: Rs 2,600-2,700 | STOP LOSS: Rs 2,330
The stock has made another higher bottom formation pattern in the daily chart to imply strength and potential to rise further and give a breakout above the previous peak of 2,480 for higher targets of 2,600 -2,700. The support would be strong near 2,330 levels and with the RSI on the rise is strong with a positive bias. We suggest to buy and accumulate this stock for further upsides and good returns.
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