Stock Market today: Hero MotoCorp share price gained more than 2% on the NSE on Tuesday. Hero MotoCorp share price opened at ₹5,602.00 slightly higher than Monday close of ₹5578.20. Hero MotoCorp share price there after gained further more to ₹5699 levels marking gains of more than 2%.
Hero Honda share price was amongst largest gainers in Nifty-50 stock
The Hero MotoCorp share price having gained more than 90% in a year and 37% year to date has give good returns to the investors.
The Hero MotoCorp share price that had scaled 1 year highs of ₹5,894.5 in June however has corrected and consolidated in between. The Hero MotoCorp share price had dipped to ₹5822 levels in mid-August. The stock has thereafter rebounded.
The Hero MotoCorp share price has gained more than 6% in last five trading sessions and technical analysts say has made a technical breakout.
While 2 Wheeler Space has been in action, the latest entrant to this in terms of renewed momentum is Hero-MotoCorp, said Sudeep Shah - Deputy Vice President & Head of Technical & Derivative Research at SBI Securities
The stock was consolidating in the past 2 months between 5200 & 5600. It has witnessed a break-out today with higher volumes adding strength to the ongoing bullish momentum, said Shah
With the Technical & Derivative Indicators exhibiting bullishness, we feel the stock could head up to ₹5830-5860 on the upside & can be bought with 5580 as a Stop Loss, recommended Shah.
*Pravesh Gour, Senior Technical Analyst at Swastika Investmart Ltd said that the counter is in a classical uptrend, as it has also given a flag breakout on the weekly chart. Then it retested its last breakout level at around Rs. 5000 levels and started a new leg of rally towards 6000 levels. On the daily chart, the stock has witnessed a lucrative breakout of triangle pattern formation above Rs. 5660.
The pattern suggests an immediate target of ₹6000, but it has the potential to move further upside until the 6400 level. On the downside, Rs. 5000 will be an immediate support level, as per Gour.
MACD (moving average convergence divergence) supports the current strength, whereas momentum indicator RSI (relative strength index) is also positively poised, added Gour.
The technical breakout was indicated by Manish Shah , a SEBI registered Investment advisor. He said that the price action shows a breakout from a down sloping wedge trend continuation pattern. In last couple of days the price has seen two gap-ups. This is a sign that the bulls are stepping on the counter. On the upside price shows a potential to rally towards 6000-6100 over next several weeks. If long, then stops need to be maintained below 5230, said Manish Shah
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions
