Havells India (₹638.7): Buy

Akhil Nallamuthu BL Research Bureau | Updated on February 28, 2020

The stock of Havells India is showing signs of a recovery and so investors with short-term perspective can buy the stock.

After registering a lifetime high of ₹806.85 in June last year, the stock witnessed a trend reversal. The reversal was abrupt where the stock fell to ₹622 within a period of one month. In late September, the stock attempted to turn the trend bullish only to be capped at ₹765, from where it tumbled. The stock marked a fresh 52-week low of ₹585.5 in the first week of the current month.

The stock has been consolidating between ₹586 and ₹630 during the past one month before breaking out of the range on Tuesday. The stock has formed a higher high on the daily chart, and the price has rallied past both 21- and 50-DMAs. Moreover, the relative strength index and the moving average convergence divergence indicator on the daily chart are showing fresh uptick. Traders with short-term perspective can buy the stock with a stop-loss at ₹625 for a potential target at ₹660.

(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)

Published on February 28, 2020

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