In the past two weeks, Escorts has been stuck in a sideways phase. The decline seems to be getting arrested around the 21-DEMA which has acted as a strong support zone in the recent past.
After forming a Doji candlestick it witnessed impressive follow-up buying and is now on the verge of a declining channel pattern breakout.
We expect Escorts to rally towards its potential target of Rs 1047 in the medium term, translating into a 9 percent upside from current market price.
Disclaimer: The author is Senior Technical Analyst, IIFL. The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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