Nandish Shah HDFC Securities
Amara Raja Batteries has broken out from the downward sloping trendline on the weekly chart, adjoining the high of the week ending September 9, 2016, October 7, 2016 and May 11, 2018 by closing above the Rs 875 levels with higher volumes.
The stock price has also given a breakout on the daily chart on Monday by closing above the previous resistance level of Rs 887 to close at 52 week high.
The momentum indicators and Oscillators like RSI and MACD are showing strength in the stock for the short to medium-term. Therefore, we recommend buying Amara Raja Batteries for the upside target of Rs 980 and keeping a stop loss placed below Rs 845.
Disclaimer: The author is a Technical & Derivatives Analyst at HDFC Securities. 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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