Buy Eicher Motors Ltd., target Rs 28000.0 : Systematix Shares & Stock

Systematix Shares & Stock has Buy call on Eicher Motors Ltd. with a target price of Rs 28000.0. The current market price of Eicher Motors Ltd. is 22095.05. Systematix Shares & Stock recommended to keep stop loss at Rs 20500.0. Eicher Motors has been under consolidation for past two years. The consolidated range is between Rs13,900 (April 2015 low) and Rs21,620 (July 2015 high). The entire sideways consolidation has formed a "Triangle" pattern. It made a higher bottom at Rs14,800 (January 2016) and turned positive. Its recent up move form Rs 18,000 gave a good breakout of the "Triangle" pattern as well as the broader consolidated movement. The larger degree trend has once again turned positive.