12-Sep-2014
Last
closing price (12-Sep-2014): Rs. 147.60 (BSE)
Click on the charts for enlarged view.
If
we look at the Escorts chart for the past 3.5 years, it has formed a Rounding
bottom pattern with a long 2.4 years of consolidation of price movement. The
break out after Rounding bottom happened in the first week of November 2013 with sharp rise in
volumes followed by an Up-Flag formation.
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The stock touched the short term target of Rs. 145 – Rs.150
only couple of times and that price band formed a resistance for the past 9 months.
On 12 Sep 2014 closing, the stock gave a break out forming
an upflag in the weekly chart. This would be good stock to accumulate in dips.
The immediate target would be Rs. 198 which is expected to reach by October
end.
Closing price on BSE: Rs.147.60
Date identified: 12-Sep-2014
Target Price: Rs. 198
Stop Loss: Rs.138
Stop Loss: Rs.138
Target
duration: October end
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