I am holding stocks of Engineers India at an average price of Rs 115. Should I continue to hold this scrip?
- Thomas Philip
CMP: ₹124.45 BSE Code: 532178 HOLD WITH STOP LOSS OF RS 115 ON A CLOSING BASIS.
Engineers India Ltd. is currently trading at Rs.124.45. Its 52-week high/low stand at Rs 206.20/Rs 100.45 made on December 26, 2017 and October 9, 2018, respectively. As per the technical indicators, the stock is in an uptrend for the medium term. Considering the daily time frame, the stock has recently given breakout of downward slopping trendline formed by connecting the swing highs of September 17, 2018. The breakout was supported by justifiable volumes. The stock is trading above its crucial short term moving average, i.e. 21-day EMA and it is in rising mode, which is positive for the stock. The indicators and oscillators are also in bullish territory. On the upside, the stock is likely to touch Rs 127, followed by Rs 133, in the near term. Hence we recommend you to hold Engineers India with stop loss of Rs 115 on a closing basis.