Buy Escorts Ltd between Rs.130.25 & Rs.127e :: HDFC Securities

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Current Observation:
 The attached daily timeframe chart of Escorts Ltd is indicating a bottom reversal pattern here.
 After moving into sideways consolidation for few weeks, the stock price has witnessed a sharp upmove today and is
now placed on the edge of moving above the strong hurdles of 200day EMA (brown curvy line) around Rs.130 levels.
 We also observe the formation of converging triangle type pattern (green up and down sloping trend lines) and the
stock price has now placed at the verge of staging upside breakout above that pattern around Rs.131 levels. The
upside breakout of that pattern could open up the potential upside pattern target of around Rs.148 levels.
 Daily momentum oscillator like 13 period MACD is moving above its signal line from near the oversold region of -10
levels. This could indicate the positive momentum for the stock price.
 Positive overall chart pattern is suggesting for a fresh buy in Escorts Ltd for near term.
LINK
http://www.hdfcsec.com/Share-Market-Research/Research-Details/StockReports/3010796