Accumulate Thermax between Rs 1,160-1,170: Shitij Gandhi

Shitij Gandhi

After shaping a double top formation on the weekly charts, Thermax witnessed profit booking and retraced back towards its 50-days exponential moving average.

The positive divergence in the secondary indicators like RSI and stochastic also support the next up move going forward. Traders can accumulate the stock in a range of Rs 1,160-1,170 levels for the upside target of Rs 1,300 and a stop loss below Rs 1,080.

Disclaimer: The author is Senior Research Analyst, SMC Global Securities Ltd. The views and investment tips expressed by investment experts 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.