Eicher Motors looks good with a decent risk reward
A good pick for very short term
Levels and analysis is mentioned in the chart
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NSE:EICHERMOT is retesting its breakout zone with RSI at 60 and support at 13DMA (not pictured here). FIB extension targets are highlighted. First resistance can be 2800 (also happens to be 23.6% FIB). A few auto stocks seem to be in momentum and have retraced so the sector seems to be in a good mood, too.
If we observe, Eicher had formed an H&S, took support...
NSE:EICHERMOT shows very good volumes adding up and momentum catching strength.
12 months target of Eicher is around Rs5000 level.
Has come out of long correction in past few months, so expect constant trend to upside.
Buy on dips can be a good strategy to add Eicher Motors in long term portfolio.
Eicher Motors seems to be ready for Breakout.
Looks bullish above 720-725
Keep stop loss below 3654
Possible Targets :
T1 : 2838
T2 : 2936
T3 : 3030
T4 : 3098
Also, do check the below related ideas for other stocks.
Levels are given in the chart.
BO level is 2710. Buy above the give level and daily candle closes above 2710.
Disclaimer: This is educational purpose only.
Please share your thoughts in the comments section below.
Eichermotors is ready to give a decent target of 14% in buy side.
Initiate the trade from the given levels.
Buy- Above 2720
SL - 2660
Target - 2865 2950 3050 3100
Note:- I am not SEBI registered . All Views and trade setups are my personal view and my personal trade setup.
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