Can I buy shares of Wabco now?
BUY WABCO INDIA AT RS 6400 ON A CLOSING BASIS
Wabco India is currently trading at Rs 6205. Its 52-week high/low stand at Rs 6403/ Rs 4760 made on March 27, 2017 and November 9, 2016, respectively, which depicts an uptrend. Considering the daily time frame, the stock has formed inverse head and shoulders pattern with breakout at Rs 6400 level. The stock witnessed a correction after hitting the Rs 6400-mark on Oct. 9, but it bounced back from 61.8% retracement level of the prior upward rally. Volumes are justifiable and the 14-period RSI has just given positive crossover and is quoting at 60 level, which is positive for the stock. Hence, we suggest you to enter either at CMP or the risk-averse investors can enter at Rs 6400 level on a closing basis.