Traders can accumulate the stock in the range of Rs 23900–24000 for the target of Rs 25200 and a stop loss below Rs 23290, says Rupak De of Bonanza Portfolio.
Eicher Motors has seen to have found support at the rising trend line on the weekly chart; also, the correction halt at the support line was followed price appreciation in quick sessions suggesting the strength of the support line.
In addition, a bullish engulfing pattern is visible on the weekly chart. The price has moved above the 50-EMA on the daily chart. Recently, the price has moved above the 50Â percent retracement of the previous fall from Rs 25350 to recent low Rs 21800.
Source: moneycontrol.com