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Hero Motocorp Technical Analysis #88: Sell | Target Rs 2525 | Arijit Banerjee

OUR RECOMMENDATION

CMP#2688.35
IdeaSELL
Sell Range2740 – 2685
Target2525 – 2470
StopLoss*2845
Duration15 – 20 Trading Sessions
Potential Return^6 – 8%
CMP#IdeaSell RangeTargetStopLoss*DurationPotential Return^
2688.35SELL2740 – 26852525 – 2470284515 – 20 Trading Sessions6 – 8%

# CMP on Oct 01, 2019
* Maintain recommended StopLoss by daily closing basis.
   Once 1st target hit, reset StopLoss at 2607.
^ The returns are calculated based on CMP#

COMPANY OVERVIEW

Hero MotoCorp Limited develops, designs, manufactures, assembles and sells motorcycles and scooters in India. It also exports engines, parts, motors and accessories in Africa, Asia, South and Central America. Hero Motocorp Q1 consolidated revenue decreases to Rs 8185.97 crore for the June 2019 quarter, against Rs 8913.27 crore in the year-ago period.

Stock Data
NSE CodeHEROMOTOCO
IndexNifty Auto
52W High3380
52W Low2225.6
Face Value2
Relative Performance_Hero Motocorp vs Nifty Auto Index

TECHNICAL OBSERVATIONS (WEEKLY)

  • As we see in Weekly chart, the long term trend is negative since April, 2018. There is a steady resistance which is moving downwards alongwith price fall.
  • Presently, the stock price has placed near the upper end of a sideways range and also in the process of declining towards lower bound of this range.
Hero Motocorp Weekly Chart
Hero Motocorp Weekly Chart

TECHNICAL OBSERVATIONS (DAILY)

  • Lower Tops and Lower Bottoms at Daily Charts.
  • MACD(12,26) crossed from above to below its Signal line(12,26,9) indicating continuation of the downtrend in the coming sessions.
Hero Motocorp Daily Chart
Hero Motocorp Daily Chart

MONEY MANAGEMENT AND TRADING RULES

1)  It’s advisable not to enter/exit beyond the recommended range.
2)  Strictly follow the StopLoss as mentioned. Honour it.
3)  Use trailing StopLoss to retain profits.
4)  Diversify trading capital into our other technical recommendations.
5)  Risk only the money what you can afford to lose. Hedge accordingly.

ANALYST SUMMARY

This research analysis is prepared by Arijit Banerjee, CMT, CFTe. An engineering graduate developed an early interest in Trading since the age of 20. He is a Chartered Market Technician (CMT) accredited by CMT Association USA, the leading global authority of Technical Analysis and also has been honoured by Certified Financial Technician (CFTe) from the International Federation of Technical Analysts (IFTA), USA. His contribution to the market research was recognized by SEBI, the Regulatory Body of Indian financial market and given him the registration number INH300006582 as a Research Analyst. Over the years, he has gained experience in Technical Analysis with a demonstrated history of working in different asset classes. Himself as a trader, he has trained and continues training novice and experienced traders to become successful, confident and profitable in the financial market.

Disclosure

The views expressed herein are based solely on information available publicly/internal data/other sources believed to be reliable, but is not necessarily all-inclusive and is not guaranteed as to accuracy. The recommendations provided herein is solely for informational purposes and are not intended to be and must not be taken alone as the basis for an investment/trading decision. Trading and investing are subject to market risk and the securities discussed and opinions expressed herein may not be suitable for all investors. To read the full disclosure, please click here.

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