Crompton Greaves –Buy- India Infoline
The stock had been facing stiff resistance around the levels of Rs442 from last seven weeks. On Tuesday, the stock overcame the crucial resistance levels and closed at a new 52-week high.
The upmove was accompanied with heavy volumes. Infact, the volumes recorded were the highest in over two months. Moreover, on the weekly chart, the price movement has formed a higher bottom formation.
We expect the stock to rally in the medium term. Traders can buy the stock in the range of Rs443-448 for a target of Rs446. It is advisable to maintain a stop loss of Rs435.
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