ESCORTS
Stock Analysis of Escorts LimitedPrice - 1176.20 Dt. - 19.05.2021
Since Feb 2nd week the stock is in the bearish zone and lost 300 points in this time period. From 3rd May stock reversed the trend resumed the up move. The stock was near the overbought zone. Further with good monsoon expectation and declining covid-19 cases are another reason for Escorts Limited to move upward. Stock is facing strong resistance at 1185 levels but with ascending triangle formation we are expecting the stock to break the level.
Stock is slightly above 21 DEMA.
Escorts breakoutescorts giving a breakout from downward channel last Friday and consolidating near a strong resistance. 172-180 is a resistance zone. risky players can enter 5 min above 172.1 with strict SL or enter above 180. 180 will be a safe entry since it is above tomorrow's R1. target is 1198 book partial profits in between NSE:ESCORTS
Bullish Engulfing At Support Escort is in downtrend for some time now, it did break its strong support at 1200 level and continued downward rally.
Selling pressure is showing some weakness and bulls seem to get charge in coming weeks. Also, good mansoon prediction would help for sale of tractors in coming months. Good upside candidate for positional trading. One can keep adding on dips now, Invalidates pattern if 1075 is broken.
Target - 1250, 1325, 1400