Cholamandalam Investment and Finance Company Ltd

Buy - CHOLAFIN

CMP (NSE) 15:56, 18 Jun

538.50 -11.3-2.06%

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Sector

Financial Services

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Reco. Price

315

Period

6-Months

Target Price

369

upside

20%

Stop Loss

265

Last updated on

25 Nov, 2019

Bullish Candlestick pattern and Double bottom breakout 

Cholamandalam Investment has restarted treading is a bullish higher top higher bottom chart structure on the weekly chart and is trading around its 52-week highs. Tracking the shorter time frame, the stock has given a bullish Cup & Handle breakout on the daily chart and is expected to retest its life-time highs placed at Rs352. Tracking the weekly charts, the stock has currently entered into positive territory on MACD Histogram and is showing good strength on ADX index wherein the +DI line is quoting above the average ADX line and –DI line.
 
If the current impulse up-move unfolds the way it should, then we expect Cholamandalam Investment to surge higher towards its potential target of Rs369 in 6-months. The upward movement would stand void if the stock ends below the support of Rs265 on a weekly closing basis.

Index vs Stock Relative Chart

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