|Sell Range||727 – 716|
|Target||679 – 660|
|Duration||15 – 20 Trading Sessions|
|Potential Return^||6 – 8%|
|CMP#||Idea||Sell Range||Target||StopLoss*||Duration||Potential Return^|
|719.55||SELL||727 – 716||679 – 660||750||15 – 20 Trading Sessions||6 – 8%|
# CMP on Sep 25, 2019
* Maintain recommended StopLoss by daily closing basis.
Once 1st target hit, reset StopLoss at 699.
^ The returns are calculated based on CMP#
Amara Raja Batteries limited manufactures led-acid storage batteries and sells those toTelecom, Railways, power control, solar, UPS, and Automobile industries. The company offers its batteries under Amaron, PowerZone, Power Stack, AmaronVault, and Quanta brands. The company’s net proft rose 24.67% to Rs 140.91 crore on a yearly basis
|Sectoral Index||Nifty 500|
TECHNICAL OBSERVATIONS (WEEKLY)
- On a weekly chart, the stock had been trading in downward ranges for the past four years (2016 – 2019).
- Presently, the stock price has placed near the upper end of the sideways range.
- Based on the historical price pattern, we are expecting the price to fall off from here.
TECHNICAL OBSERVATIONS (DAILY)
- CCI has formed negative divergence on daily chart. A negative Divergence occurs when price is making a higher top at the same time a technical indicator is flat or making a lower top which indicates lossing of selling momentum and possible rise in trend reversal.