We recommend buying the stock at CMP for the target of Rs 3,250 and keeping a stop loss placed at Rs 2,910 on a closing basis, says Vinay Rajani of HDFC Securities.
Moneycontrol Contributor
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Vinay Rajani
Hero MotoCorp has fallen 26 percent from its all-time high of Rs 4,092 recorded in September of 2017. The stock price has nicely recovered from its recent low of Rs 2,648 and has given a bullish breakout from the inverse Head and Shoulder on the daily chart.
The stock is maintaining higher tops and higher bottoms formations on the daily chart. Moving average and oscillator setup seems bullish on the charts.
Considering the technical evidence discussed above, we recommend buying the stock at CMP for the target of Rs 3,250 and keeping a stop loss placed at Rs 2,910 on a closing basis.
(The author is Technical Analyst, HDFC securities.)
Disclaimer: 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.First Published on Dec 4, 2018 10:45 am
