Havells has been in strong consolidation zone of 260-310 since almost a year so but during this phase “inverted Head & Shoulder” pattern has emerged on weekly charts. Generally, target is  calculated from the neckline which in our case is at 309. So approximately target is arrived at 390 as the distance from low on the had to neckline is 80 which is added to neckline. Fundamentally too, next quarter is considered to be best in terms of sales due to summer. Indicators on weekly charts too have confirmed positive crossover on RSI and MACD. So just buy the stock in portfolio for a quarter or two.

Leave a Reply

Your email address will not be published. Required fields are marked *