stock to buy: Chart Check: Up 20% in a month! Does this 2-wheeler stock have more room for upside?

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which hit a contemporary 52-week excessive of Rs 840 on June 10 on the BSE fell greater than 10 per cent on the identical day to shut with marginal losses, however specialists really feel that the chart construction stays intact, and the inventory could be purchased on dips.

The two-wheeler maker has been making larger highs and better low formation for the previous 1 month to hit a contemporary 52-week excessive of Rs 840 however failed to carry on to the momentum and closed at Rs 763 on Friday.

The inventory has rallied greater than 20 per cent from Rs 615 recorded on Might 10, 2022, to Rs 763 on June 10, 2022, which interprets into an upside of over 24 per cent in a month.

It additionally gave a breakout from a downward sloping trendline on the weekly charts which is a constructive signal for the bulls.

Buyers holding the inventory can stay invested whereas contemporary cash could be deployed on dips for a goal of Rs 788-810 within the subsequent 4-6 weeks, recommend specialists.

On the worth entrance, the inventory is buying and selling above essential short-and-long-term transferring averages of 5,10,20,30,50,100, and 200-DMAs which augers properly for the bulls.

“TVS Motor is outperforming the benchmark index and has lately given a downward sloping development line breakout on the weekly time-frame. On the day by day chart, the worth has given a horizontal channel breakout and put up that costs are constantly buying and selling larger and exhibiting the power within the counter,” Rohan Patil, Technical Analyst at Bonanza Portfolio, mentioned.

“If we observe from April 2020, costs are buying and selling in the next excessive larger backside formation and that signifies a bullish momentum within the counter,” he mentioned.

Nearly all of the indications and oscillators are suggesting bullish momentum.

Patil additional added that the counter can also be buying and selling close to the higher band of the Bollinger band on the day by day chart which signifies a potential continuation of the uptrend after the current consolidation.

“One can provoke a purchase place at Rs 764 and extra at dips close to Rs 750 with a cease lack of Rs 712 and the primary goal could be seen at Rs 788 and the longer-term goal at Rs 810 ranges,” recommends Patil.

(Disclaimer: Suggestions, recommendations, views, and opinions given by the specialists are their very own. These don’t characterize the views of Financial Instances)

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stock to buy: Chart Check: Up 20% in a month! Does this 2-wheeler stock have more room for upside?

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