Friday 2 December 2016

Eicher Motors Ltd– Closed above 20DMA and 50 DMA

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Eicher Motors Ltd on a daily chart stock price is making higher high and higher low pattern with increase in volumes. indicate rally will continue towards north. On a chart, we witnessed stock price was trading below 20 DMA and 50 DMA from last 15 trading session but on Friday index has closed above the same, indicate stock price has find the support level. Momentum Oscillator MACD has given the positive crossover, which further add bullishness into stock price.


If one were to go by the volume data, a higher upswing is seen on the stock price. Trader or investor can accumulate at Rs.22760 for the target of Rs. 24000/25300 levels, with Rs. 22200 stop loss on closing basis.


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