Markets

Havells India (₹638.7): Buy

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

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

Published on February 28, 2020
This article is closed for comments.
Please Email the Editor