The stock witnessed a slight correction recently and bottomed out near Rs 970 level, close to the trendline support zone. Currently, it has managed to move past the 50EMA level of Rs 1,000 and improve the bias. The RSI is well placed, indicating strength and with the chart looking attractive, we suggest to buy and accumulate this stock for an upside target of Rs 1,150, keeping the stop loss of Rs 970.
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BUY HERO MOTOCORP | CMP: Rs 2,833 | Target: Rs 3,150 | Stop Loss: Rs 2,650
The stock has eroded well from the Rs 3,100 level, near the 200DMA, and has made a double bottom pattern near the Rs 2,740 level with a good base. Currently, it has indicated a positive candle formation to improve the bias. The RSI is on the rise, suggesting a trend reversal, and has indicated strength to anticipate for a further upside move. We suggest to buy and accumulate this stock for an upside target of Rs 3,150 while keeping a stop loss of Rs 2,650.
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Disclaimer: The author is a technical analyst with Prabhudas Lilladher. She may have positions in one or more stocks mentioned above. Views are personal.
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