Sell Amara Raja Batteries with a target at Rs 890: Jay Thakkar

Jay Thakkar, Sr. Technical Analyst, Sharekhan recommends a sell rating on Amara Raja Batteries with a target price of Rs 890 and a strict stop loss placed at Rs 965 in intra-day trade. The stock has gained 9 per cent so far in the calendar year 2016. The stock is looking bullish on the charts.

Amara Raja Batteries is a low beta stock (0.53) and is trading well above its 50-day, 100-day and 200-day moving averages at Rs 913.50, Rs 882.27 and Rs 912.30 respectively, as per data collated by ETMarkets.com. The stock is trading with a P/E of 33.57 and P/B of 9.53.