HEROMOTOCO a leader in 2 wheeler automobiles segment is largest 2 wheeler manufacturer and seller. It is one of the flagship company of Hero Group, India. Looking at the charts for stock performance we see that the company has shown a strong growth and hence the stock follows. Technically this stock is very bullish and for short term its in consolidation phase, for the short term view one can trade short on this stock as stock is loosing momentum, MACD suggest for mixed trend. We are bearish in short as long as the price action stays below the 1777 level. Enter short positions near 1750 level for targets as 1700 and 1655 level, placing stop loss orders at 1785 level. RSI indicator is suggesting bears are in control, So this can be a good opportunity for F&O traders to short this stock at 1750. Fundamentals were seen weakening and we are worried about the near term growth which may affect the short term stock performance.
About Bhaveek PatelBhaveek Patel is one of the most successful traders, technical analyst, and investor, his areas of interest include stock market, forex, and gold trading. Apart from this, he is often seen in the golf course. He is having more than 10 years of experience in trading, had placed his first order on 19 June 2006 with IndiaInfoline.
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