Stocks

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.)

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

Published on September 30, 2020
This article is closed for comments.
Please Email the Editor