Buy Crompton Greaves Consumer Electricals in the range of Rs. 305.00-317.00 for target price of Rs. 362.00 with a stop loss of Rs. 286.00. Time Frame: Six months
The share price has formed a higher base after witnessing resolute breakout from three years broad based consolidation (Rs. 300-180). Currently, the stock is on the cusp of resolving out of past six weeks range bound activity (Rs. 329- 286), indicating resumption of primary up trend that augurs well for acceleration of the next leg of up move. Thereby, offering fresh entry opportunity
Key point to highlight is that the stock has been sustaining well above its 10 weeks EMA since June 2020. Currently, it has formed a higher base above it, indicating inherent strength
Structurally, the stock witnessed a faster pace of retracement as it entirely retraced past 11 quarters broad based consolidation in just three quarters (Rs. 300-180), indicating structural improvement
In a nutshell, we expect stock to resolve higher and accelerate the upward momentum towards Rs. 362 in coming months as it is 161.8% external retracement of recent leg of decline (Rs. 329-286),at Rs. 356
For details, click on the link below: https://www.icicidirect.com/mailimages/IDirect_GladiatorStocks_CromptonGreaves_Dec20.pdf
Shares of Crompton Greaves Consumer Electricals Ltd was last trading in BSE at Rs.321.7 as compared to the previous close of Rs. 305.15. The total number of shares traded during the day was 70794 in over 3387 trades.
The stock hit an intraday high of Rs. 326.2 and intraday low of 302.65. The net turnover during the day was Rs. 22646987.