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ETMarkets.com|Updated: Sep 28, 2019, 10.43 AM ISTGetty ImagesThe analyst said that the stock has made a higher bottom on its monthly charts with strong positive price action over the past few weeks.
Vikas Jain of Reliance Securities has buy call on Hero MotoCorp with a target price of Rs 3075.
The current market price of Hero MotoCorp is Rs 2727.65
Time period given by analyst is Long Term when Hero MotoCorp price can reach defined target.
Vikas Jain recommended to keep stoploss at Rs 2525
Hero MotoCorp Ltd., incorporated in the year 1984, is a Large Cap company (having a market cap of Rs 54478.50 Crore) operating in Auto sector.
The analyst said that the stock has made a higher bottom on its monthly charts with strong positive price action over the past few weeks.
Recent decline from the highs provides an opportunity to go longs as multiple averages on the downside would protect the fall.
Bullish cross-over in RSI and Stochastic on monthly charts are signaling turnaround and resume its northward journey to test the long term 55 month average.
Long position can be initiated for the target of Rs 3075 with a stop loss of Rs 2525.
Hero MotoCorp Ltd.
key Products/Revenue Segments include Motorised Two Wheelers Upto 350cc Engine Capacity which contributed Rs 29693.52 Crore to Sales Value (88.24 % of Total Sales), Spares (Two Wheelers) which contributed Rs 2835.97 Crore to Sales Value (8.42 % of Total Sales), Sale of services which contributed Rs 595.04 Crore to Sales Value (1.76 % of Total Sales) and Other Operating Revenue which contributed Rs 526.01 Crore to Sales Value (1.56 % of Total Sales)for the year ending 31-Mar-2019.
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