Shardul Kulkarni of Angel Broking is of the view that, if Escorts can move beyond the levels of Rs 70 then one have a very strong rally on the cards over the next few trading sessions.
Kulkarni told CNBC-TV18, "Escorts and Adhunik Metaliks these are the two stocks which are showing very similar patterns. In case of Escorts if we see the daily chart structure we are seeing that the stock shows a perfect inverted head and shoulder pattern which is a reversal pattern and suggest that if the stock can move beyond the levels of Rs 70 then one have a very strong rally on the cards over the next few trading sessions." He further added, "Adhunik Metaliks, that is one counter where we are seeing that the chart structure is again quite bullish. We are still seeing that the inverted head and shoulder pattern still holds and a substantial rally in case of that particular counter is possible probably to the tune of 15-20 percent from current levels." Disclosures: It is possible that we have positions in the stocks discussed and we have recommended them to our clients.Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
