Shabbir Kayyumi Narnolia Financial Advisors
After hitting a peak of Rs 1,017, Escorts corrected sharply. Point of polarity creates the opportunity of role reversal near the levels of Rs 820-830 where it can halt its southward movement and give a chance of maintaining the favorable risk-reward ratio.
Oversold RSI and stochastic near the levels of 30 can push the scrip on the higher side. Buying momentum will develop when it surpass above Rs 880 with decent volume after which it will accelerate towards Rs 930 marks.
To justify the support at the lower level, it has to sustain above its 200-DMA which comes around Rs 827 levels.
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