Recommendation: BUY VOLTAS
Stop loss: 225
Time duration: 4 WEEKS
Voltas is in a bull run since the February 2014 prior to Indian parliamentary elections since then it is moving in a upward channel making higher tops higher bottom pattern. Now after testing the lower line of the channel again the stock has formed the double bottom formation at 220 levels and also broken a short term trend line on the upside breaking a triangle pattern.and RSI momentum oscillator bouncing back to its bullish zone confirms the stock to move back to its earlier levels in a short term of 4 weeks.
Pradeep Bakshi of Voltas said the momentum in sales seen during the June quarter has continued in the September quarter as well. In the air conditioners segment, Voltas has grown by over 20 percent, Bakshi said.
Voltas is largely into air-conditioning segment and our growth has been more than 20 percent in this quarter and in both quarters growth has been more than 20 percent, so it’s been quite a fabulous Diwali and if you were to compare it with last two-three years, traction this time has been pretty good over last two-three years. Last two years Diwali was not so great, the sales as far as air-condition business was concerned and quite a few other consumer durable products were concerned but this time its been quite good and traction has been quite healthy for Voltas.
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