Chart Check: Siemens hit fresh record high in April: should you buy, sell or hold?

Siemens, part of the heavy electrical equipment space, hit a fresh record high in April 2023 but traders will be better off riding the trend as the stock could well surpass Rs 3,600 levels in the short term, suggest experts.

The stock hit a high of Rs 3,481 on 27 April 2023. It surpassed its earlier swing high of Rs 3,400 recorded on 10 and 11th April 2023.

The stock recently took support above the 50-DMA on the daily charts and bounced back. It is also on the verge of giving a breakout from a rising channel pattern which will further boost the stock.


The stock rose more than 5% in a week and over 3% in a month. On a 3-month basis, the stock has rallied more than 14%.

In terms of price action, the stock is trading well above most of the short and long-term moving averages of 5,10,30,50,100, and 200-DMA on the daily charts which is a positive sign for the bulls.

“Siemens stock is in an overall uptrend on the monthly scale as higher highs – higher lows structure is intact and trading at its new lifetime high territory,” Arpit Beriwal, Analyst, Equity Derivatives & Technicals, MOFSL, said.

“It has formed a strong Bullish candle on the weekly scale and negated the formation of lower lows. On the daily scale, it is forming higher highs – higher lows from past three sessions and taking multiple support near its 50-Days EMA,” he said.

“It is on the verge of giving channel breakout on a daily scale and forming a strong Bullish Marubozu candle which suggests Bulls are having complete dominance,” highlighted Beriwal.

Relative Strength Index (RSI) is moving higher towards 70 zones which suggests momentum is likely to continue in coming sessions. Overall, strong outperformance is seen in the capital space and stock is likely to scale new life highs.

“Thus, recommending traders to buy the stock at current levels while keeping a stop loss below Rs 3,333 level on closing basis for an upside move towards Rs 3,650 zones in the next 3-4 weeks,” recommends Beriwal.

(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of Economic Times)