Buy Hero Honda for target of Rs 2,100-2,250: Aditya Birla Money

MUMBAI: According to Aditya Birla Money the charts of Hero Honda look bullish at current levels. It has advised traders to buy the stock for target of Rs 2,100-2,250.

“At recent lows of Rs 1,669 and subsequently Rs 1,800 Hero Honda has found a good support, formed through the convergence of 21 and 34 Week Exponential Moving Averages (WEMA), Fibonacci confluence zone and the given channel inside band.

The correction post highs of Rs 2,094 have shaped up as a flag shaped corrective. Also right at the lower end of the flag pattern it has formed a Bullish Inverted Head and Shoulder pattern, where the depth of the pattern is 170 point suggesting the probable target of Rs 2,100 for the stock.

Buy Hero Honda at Current Market Price of Rs 1,940 and on decline till Rs 1,880 with stop-loss of Rs 1800 for a possible target of Rs 2,100 and then Rs 2,250,” the report said.