anusuabose92

Greaves Cotton Supply Zone Breakout ! Electric Vehicle theme.

Long
NSE:GREAVESCOT   GREAVES COTTON LTD
Price is giving a breakout from a strong resistance / supply zone . Also , we can see the price making higher high's on the hourly timeframe chart. Additionally , the electric vehicle theme can give a good boost to this stock as Govt . has also announced higher subsidies to EV manufacturing business. Through this, the government aims to promote electric vehicle usage in the country (specially the two wheeler sector) . Subsidizing this sector will definitely help the EV adoption and the plans of the government of making India an electric vehicle nation by 2030.

Greaves Cotton is one of the leading diversified engineering companies with presence in Automotive, Non-Automotive, Aftermarket, Retail , Electric mobility solutions & Finance.
In Automotive segment Greaves provides wide range of fuel-agnostic powertrain solutions for Diesel, CNG , Petrol powered 3-wheeled commercial vehicles. The company has ventured into last mile personal mobility segment with Ampere Electric for electric 2 wheelers, smaller electric industrial products and electric 3 wheelers. So , it can be anticipated that Greaves Cotton will gain advantage from the leverage given for manufacturing of Electric Vehicle by the Govt .
Trade active: Has given a breakout already and had touched 166.70 levels .
Comment: Price has given a huge up move , due to the recent news on Electric Vehicles. Financial Express stated "Chief Minister Vijay Rupani announced the start of this new EV policy. The minister said that electric vehicle buyers will get subsidies of Rs. 10,000/kWh. A subsidy support of Rs 870 crore for four years will be provided wherein up to Rs 20,000 off on electric two-wheelers will be given". This has supported the breakout of the share and has now taken the price to new highs of Rs. 174.
Trade closed: target reached: The stock has given a 12% up move, from 154 levels to 174. For short term trades a 5% target is great .
Comment: The stock is on fire!!
Trade active: Stock gave a clear breakout on the daily chart, gave a pullback till 158 levels and now moving up again! Do keep a close watch on the stock.
Trade active: The up move is still on! Those who are trailing profits ,please observe the chart daily .