Shubham Agarwal of Motilal Oswal Securities told CNBC-TV18, "The last move that happened in Siemens was an indication that impulse move or the long-term move has already started in the stock and for the past two-three months, we are seeing that it has been consolidating. This consolidation range has started to get narrowed down. So this is a very good indication that the stock cannot sustain in such a narrow range and eventually will see a breakout happening."
"Based on the studies that we have on time correction, we believe that the pattern is very mature now for a fresh move to start. So we are expecting that there should be a breakout which should be on the upside and this is a reason we are recommending to buy Siemens for a target of Rs 1,650 and a stop loss for the same can be kept at Rs 1,260," he said.
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!
