Last Updated : Jun 12, 2018 11:32 AM IST | Source: Moneycontrol.com

Buy Crompton Greaves Consumer Electricals: Ashish Chaturmohta

The Relative strength index has given positive crossover with its average on the daily chart. Thus, the stock can be bought at current levels and on dips to Rs 230 with a stop loss below Rs 220 and a target of Rs 275 levels, says Ashish Chaturmohta of Sanctum Wealth Management.

 
 
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Ashish Chaturmohta

Crompton Greaves Consumer Electricals touched an all-time high of Rs 295 in the month of January and then corrected down towards Rs 217 levels. For the last three-month, the price has been moving in a sideways range of Rs 245 to Rs 217 levels and seen consolidated at lower levels.

The stock has seen a bounce back from the lower end of the range on multiple occasions indicating strong support zone for the stock. Volumes have been above average during this consolidation suggesting accumulation at lower levels.

The Relative strength index has given positive crossover with its average on the daily chart. Thus, the stock can be bought at current levels and on dips to Rs 230 with a stop loss below Rs 220 and a target of Rs 275 levels.

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Disclaimer: The author is Head Technical and Derivatives, Sanctum Wealth Management. 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.
First Published on Jun 12, 2018 11:30 am
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