Crompton Greaves Consumer Electricals (₹292.3): Buy

Yoganand D BL Research Bureau | Updated on September 30, 2020 Published on September 30, 2020

Investors with a short-term perspective can buy the stock of Crompton Greaves Consumer Electricals at current levels. The stock has been in an intermediate-term uptrend since it took support at ₹180 in late March this year. Both medium as well as short term trends are also up for the stock. In early September, the stock took base at ₹250 and continued to trend upwards breaching its 21- and 50-day moving averages recently. On Wednesday, the stock gained 4.6 per cent with above average volume breaching a key near-term resistance at ₹280. This rally has reinforced the short term bullish momentum. The stock trades well above its 50- and 200-day moving averages. The daily relative strength index features in the bullish zone and the weekly RSI has re-entered the bullish zone from the neutral region. Both the daily and the weekly price rate of change indicator are hovering in the positive terrain implying buying interest. The short-term outlook is bullish for the stock. Targets are ₹304 and ₹310 levels. Traders with a short-term horizon can buy the stock with a stop-loss at ₹285 levels. (Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)

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Published on September 30, 2020
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