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India Infoline puts SELL on Hero Honda

India Infoline puts SELL on Hero Honda
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First Published: Tue, Mar 03 2009. 09 50 AM IST
Updated: Tue, Mar 03 2009. 09 50 AM IST
Last week, the stock surged smartly on higher volumes. However, it appears to have run into strong resistance area of Rs932.
Moreover, it gave a close below the support of its short-term trendline, suggesting that a short-term cycle top has been formed at around the levels of Rs940-950 on the daily chart. Deeper decline is still possible to the levels of Rs870 and below.
The volume activity has been consistently strong in the recent past and could get better in case of a breakdown.
Based on above technical evidence, we recommend traders to SELL the stock. It is advisable to maintain a stop loss of Rs916 on all short positions.
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First Published: Tue, Mar 03 2009. 09 50 AM IST
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