Motherson sumi broke out above 1 month old falling trendline. The stock saw very strong volumes today. It also crossed above its 20 & 50 DEMA today. MACD indicator too gave a +ve crossover. I expect stock to move towards its recent highs of 340 in few days. We hold.
Edelweiss hourly chart- Stock is now sustaining above 250 after consolidating below that for last 2 weeks. Breakout of range between 235-250.Any small dips colase to 250 can act as entry point. First target 265. 20 EMA can be used as trailing SL.
The stock has been in approx range of 330 to 400 for almost 2 years. Stock has bounced off from lower end of this range recently. It has also broken out of downward sloping trendline at 345 today. The RSI indicator is bouncing from oversold levels. MACD indicator is also making bullish divergences. Company posted good q1 results too. We hold.
Ashok Leyland stock has consolidated between 73 and 113 since April 2016 forming a rounding pattern. Upward breakout from this 40 rupees range should give technical target of 113+40=153. Stock is already in uptrend on weekly charts. Time-frame 6-8 months. We hold.
Yesterday Nifty closed above its 20 DMA. Showing follow through today. Also gave breakout from symmetrical triangle formed in last 3 weeks b/w 9970 & 9685. Expecting index to go towards 10,200 in few days. MACD indicator also generated buy signal yesterday.