Buy Engineers India, target Rs 148: Vinay Rajani

Vinay Rajani HDFC Securities

Engineers India appreciated more than 5 percent with significant volumes during Monday’s session. The stock price reached above its 10, 20 and 50-DMA, indicating a bullish trend reversal.

There is a long-term downward sloping trend line breakout on the weekly charts. There is a development of higher tops and higher bottoms on the daily closing basis.

Considering the technical evidence discussed above, we recommend buying the stock at CMP for the target of Rs 148, keeping a stop loss below Rs 127 on a closing basis.

Disclaimer: The author is a Technical Analyst, 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.