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Sell Crompton Greaves; target of Rs 235: Aditya Birla Money
Aditya Birla Money is bearish on Crompton Greaves and has recommended sell rating on the stock with a target of Rs 235 in its June 6, 2011 research report.
Aditya Birla Money is bearish on Crompton Greaves and has recommended sell rating on the stock with a target of Rs 235 in its June 6, 2011 research report.
"Crompton Greaves, after falling sharply from Rs 297 to 237, it has been witnessing an upside recovery since last few days. The said recovery seems to have hit strong resistance in yesterday's session at 50% retracement zone of the prior fall as denoted by the Bearish Engulfing pattern formed. A breach below pattern low at Rs 260 would lead to breakdown of rising channel and thereafter prices could resume their downtrend towards prior low at Rs 236 and then Rs 215."
"According to wave structure, after a corrective three wave up move the stock could witness another five wave down move. Daily momentum has given a negative crossover after having formed a negative reversal with prices adding conviction to our bearish outlook. Sell Crompton Greaves below Rs 260 for a target of Rs 245/235 with stop placed above Rs 268 on closing basis," says Aditya Birla Money research report.
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