PICK OF THE WEEK: HEROMOTOCO (NSE)

30th September 2019
  • On a monthly chart, after a healthy correction from its All-time high, the stock has taken a support at 2212.93 level which is a 61.80% Fibonacci Retracement level of its previous up move from 1193.57 level to 3862.05 level which suggests a bounce back movement in the counter.
  • On a daily chart, the stock has given a breakout of its upper band of “Falling Wedge Formation” which is a Bullish Reversal formation and shows a northward movement in the counter.
  • Moreover, the stock has been continuously trading above its “21 and 50 Days Simple Moving Averages” which shows a positive trend in the stock

Company Name

HEROMOTOCO

Our Recommentation is to

Buy

Buy

2729.15

Targeted Price

3087.50

Stop Loss

2550

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