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The 2-wheeler maker has been making highs and lows for the past 1 month and hit a 52-week high at Rs 840 but failed to sustain the momentum and closed at Rs 763 on Friday.
The stock rose over 20 per cent to Rs 763 on June 10, 2022 from Rs 615 recorded on May 10, 2022, which translates into a gain of over 24 per cent in a month.
It also gave a breakout from a downward sloping trendline on the weekly charts which is a positive sign for the bulls.
Experts suggest that investors holding the stock can stay invested while fresh money can be placed on dips in the next 4-6 weeks with a target of Rs 788-810.
On the price front, the stock is trading above the important short- and long-term moving averages at 5,10,20,30,50,100 and 200-DMA, which bodes well for the bulls.
agencies“TVS Motor is outperforming the benchmark index and has recently given a downward sloping trend line breakout on the weekly time frame. On the daily chart, the price has given a horizontal channel breakout and thereafter the price continues to trade higher and is showing strength in the counter,” said Rohan Patil, Technical Analyst, Bonanza Portfolio.
“If we look from April 2020 onwards, prices are trading in a higher higher higher bottom formation and this indicates an upside upside,” he said.
Most of the indicators and oscillators are indicating bullish momentum.
Patil further added that the counter is also trading near the upper band of the Bollinger Bands on the daily chart which indicates a possible continuation of the uptrend after the recent consolidation.
Patil suggests, ‘One can initiate buy position of Rs 764 and above on dips near Rs 750 with stop loss of Rs 712 and first target can be seen at Rs 788 and long term target at Rs 810 .
(Disclaimer: Recommendations, suggestions, views and opinions given by experts are their own. They do not represent the views of The Economic Times)
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