Along with other specified stocks, Crompton Greaves has also done well in the recent past. After showing a major technical correction to its previous rally, the stock has managed to form a double bottom. The formation of the double bottom at Rs 64 is a positive sign as far as the short-term health of the stock is concerned.Not only this, it has also crossed its immediate resistance at Rs 74.5 which is again a bullish indication. As a result, the position of oscillators have also improved. The volume chart also favours a positive outlook. Overall, one can expect the stock to remain firm.
Long position can be taken at current levels with a stop loss of Rs 69. On the upperside, the stock is likely to face a resistance at around Rs 82.Deepak Singh Tanwar
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