Buy Voltas, target Rs 650: Ashish Chaturmohta

Ashish Chaturmohta

Voltas has been in decline mode after an all-time high of Rs 675 in December last year. It touched low of Rs 472 last month, retracing 50 percent of the major rise from low of Rs 287 to high of Rs 675. The stock after consolidating for few weeks at lower levels has seen a bounceback to current levels. It has been forming higher tops and higher bottoms from the low on daily chart.

MACD line has moved above the equilibrium of zero on the daily chart. Thus, the stock can be bought at the current level and on dips to Rs 550 with a stop loss below Rs 535 for a target of Rs 650.

Disclaimer: The author is Head of Technical and Derivatives at Sanctum Wealth Management. The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.