Alok Industries Ltd. CMP— Rs 19.50
Technical Outlook & Trading Strategy:-
On the daily chart the share price of Alok Ind. has registered a breakout from ascending triangle pattern. Traders should note that ascending triangle patterns signifies accumulation and suggest price advance once the breakout is recorded. The momentum indicators on the daily chart are also in a bullish zone suggesting more upside in the stock.
The stock is also sustaining above its cluster of moving averages adding weight to the Bullish argument.
We recommend traders to buy in the range of Rs 19.4—Rs 19.6 levels with a stop loss placed below Rs 18.8 levels for targets of Rs 21– Rs 22 levels, expected to be achieved over the coming few Weeks.
Hero MotoCorp Ltd. CMP - Rs 2052.30
Technical Outlook & Trading Strategy:-
The stock price of Hero Motocorp has given a breakout to its consolidation of past few days. The stock is also taking support at cluster of averages. We would like to point out that on the weekly chart the price of Hero motocorp has given pulled back from its inverted head & shoulder neckline. On the daily chart the stock is also sustaining above its cluster of moving averages. The momentum indicators on weekly chart are in the buying mode.
We recommend traders to buy 50% now and again in the range of Rs 2020—2030 levels with a stop loss placed below Rs 1988.8 levels for targets of Rs 2120/2200 levels.
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