Buy Castrol India at a price target of Rs 190 and a stop loss at Rs 158.
Apr 08, 2019, 11.43 AM IST
The current market price of Castrol India is Rs 170.75.SMC Global Securities
has a buy call on Castrol India with a target price of Rs 190.
The current market price of Castrol India is Rs 170.75.
Time period given by the brokerage is one week when Castrol India price can reach the defined target. SMC Global Securities recommended keeping a stop loss at Rs 158.
“The 200 days exponential moving average (DEMA) of the stock on the daily chart is currently at Rs 160.89. Technical charts show that the stock has consolidated in the range of Rs 135-170 for ten months and had formed an inverted head and shoulder pattern on the weekly charts, which is bullish in nature. Last week, the stock gave the breakout of the same and had registered gains over 3 per cent. It has also managed to close above the neckline breakout of the pattern. One can buy in the range of Rs 167-169 for the upside target of Rs 185-190 level with a stop loss below Rs 158,” said the brokerage.
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