Eicher Motors Share price Near Breakout, Entry Levels Updated (16th July 2024):- Today we are back with another Breakout stocks in F&O segments, where you can trade for Intraday for today or tomorrow's market. When we look in to the chart we see Triangle pattern which is ready to breakout. Today Eicher Motor share price moved almost 1 percentage and the moving sideways. But when we look into the Daily chart of this stock, I have found a Breakout opportunity. So let's look in detail the latest Chart analysis for Eicher motors share.
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| Eicher Motors Share price Near Breakout, Major levels Marked for July 2024 |
From the last one year, the OEMs valuation has seen a steep rise on account of better demand prospects while the risks on account of EVs have risen too. Bajaj Auto for example is priced 73 % above its one year forward average P/E ratio followed by, TVS Motor Company 42% above and Hero Motocorp 29% above their one year forward average P/ E ratio as stated by Ambit. However, the current valuation of some of these stocks is still at a premium to their historical averages; In fact Eicher Motors is slightly cheaper today than it was historical average trading at 12% discount, the group has experienced slower growth and increased competition in its market.
Also Read our Previous Post about" POONAWALLA Share Price: July 2024 Targets & Entries".
Eicher Motors Latest Chart Analysis July 2024
Here are going to Analyze the Levels in Daily Time frame of the Stock made using Trading View Platform. From the chart we can see a ascending triangle pattern and we know that if Stock price give a Breakout from this Triangle pattern with good volume.
Eicher Motors Share can Buy above 4981 levels to give Targets of 5030, 5080, 5120 with a stoploss below 4900 levels. You can consider this stock to trade intraday or short term. Eicher Motors comes under F&O segments where you can Trade in Future and options.
Eicher Motors' share price is on the verge of a breakout, presenting a promising opportunity for traders. The stock is forming an ascending triangle pattern, and if it breaks above ₹4981 with strong volume, targets of ₹5030, ₹5080, and ₹5120 are achievable. This setup is ideal for both intraday and short-term trades, with a stop loss set below ₹4900 to manage risk.
Conclusion
With the ascending triangle pattern indicating a potential breakout, Eicher Motors is a stock to watch closely. As always, ensure you manage your risk effectively and stay updated with market movements.
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