"On the weekly price chart, the scrip registered a strong bullish candlestick pattern coupled with the solid bullish pattern on last closing session, indicating a positive signal," says Dinesh Rohira, Founder & CEO at 5nance.com.
Dinesh Rohira
Crompton Greaves Consumer is trending higher on its weekly price chart post its correction during the previous session and took a strong short-term support at Rs 220 levels.
Despite a weak market breadth, the scrip managed to decisively breakout from its short-term crucial level placed Rs 232 coupled with strong volume growth above its daily average levels.
On the weekly price chart, the scrip registered a strong bullish candlestick pattern coupled with the solid bullish pattern on last closing session, indicating a positive signal.
Despite a neutral divergence on RSI trend at 53 levels, the MACD indicated a positive crossover coming in next few sessions. The scrip is currently holding resistance level at Rs 283 on its pivot points and support level at Rs 219.
We have a buy recommendation for Crompton Greaves which is currently trading at Rs 245.10 for target at Rs 270 per share.
Disclaimer: The author is Founder & CEO, 5nance.com. The views and investment tips expressed by investment expert on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.