Go long On Havells India – 4 To 7 Days Holding Period

  • Stock Market Analysis

Havells India

Havells India (NS: HVEL ) has just begun its short-term recovery from a 9% decline it has had in its share price in the past 10 days. Thus, now I believe investors ought to go long on the equity till the Rs 565 to Rs 577 mark which shall let them lock in a return of around 7% for a 4 to 7 day holding period.

I am bullish on the stock, as the equity has just formed a rising window after taking support from a change of polarity level two days ago. Moreover, the current candle signal has encompassed several of the key exponential moving averages whilst taking support from the 50-day MA. This clearly indicates that a bullish move is on the cards. Additionally, the rising windows lower and upper line are support zones.

On the indicator facet, the equity is currently enjoying a high level of buyer demand which is a very positive signal. Moreover, the short-term RSI of the equity is steeply ascending thus supporting the notion of a 7% return in the mentioned timeframe.

On the resistance front, the equity has just broken above a key resistance level with a rising window. The resistance level I expect the equity to rise till is the Rs 565 to Rs 577 mark which is a key zone. If it does manage to breach the Rs 577 mark then it can reach the Rs 590 mark but I find scenario rather unlikely.

Overall, investors can enter this short-term trade to book a decent return and that too in week when majority of the Indian market has been tumbling.

Good luck trading.

Sandeep Singh Ahluwalia

Disclaimer: The investments discussed by Sandeep Singh Ahluwalia may not be suitable for all investors, therefore, you must trust your own analysis and judgement about the equity before making investment decisions. The analysis being provided is for informational purpose only and does not instruct you to buy or sell any securities as you should utilise your personal analysis before making a trade.

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