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Deepak Singh Tanwar
October 27: The current position of Crompton Greaves' stock suggests that it will remain bullish in the near future. The stock has formed a higher bottom at Rs 25.50 recently. The stock had bottomed out at Rs 22 in the second week of September.
With the latest rally, the scrip has surpassed its recent high. In the process, the moving averages have also entered into positive phase. The bullishness is further confirmed by a huge jump in volumes. The latest jump in stock has been supported by substantial jump in volumes. The MACD has moved above the triggerline in the positive zone which is a positive sign. The position of RSI has also strengthened. It has been moving up after forming a positive divergence.
The weekly oscillators are also hinting at a rally. Overall the stock is expected to remain firm in the near future. Long position should be taken at the current levels. Keep a stop loss at Rs 25.50.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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