BUY HERO MOTO | TARGET: Rs 3,050 | STOP LOSS: Rs 2,740
The recent correction in the market dragged the stock of Hero MotoCorp from the high of Rs 3,600 towards Rs 2,800, a nearly 20 per cent erosion from the top. Post this fall, the stock found support at the placement of Ichimoku Cloud on the weekly scale and that could be a demand zone. Also, we are witnessing a Bullish Hammer candlestick pattern on the weekly chart which indicates the possibility of strong reversal. Hence, traders are advised to buy the stock in the range of Rs 2,860-2,840 with a stop loss of Rs 2,740 for the upside potential target of Rs 3,050 in 3-5 weeks.