Voltas Limited – Recommended Stock of the Week – Feb 25, 2017
Weekly Techno-Funda Report – 25 Feb 2017
SHORT TERM PERSPECTIVE
|VOLTAS||Buy||Rs 340||Rs 390/400||
(CMP – Rs 356.80)
Voltas Limited is engaged in air conditioning, room air conditioners, contract revenue, commercial refrigeration products and sale of services. Voltas’s segments include Electro-mechanical Projects and Services; Engineering Products and Services; Unitary Cooling Products for Comfort and Commercial use, and Others. The Company is engaged in the field of air conditioning, refrigeration, as well as in the business of electro-mechanical projects as an engineering, procurement and construction (EPC) contractor. The Company is also engaged in the business of engineering product services for mining, water management and treatment, construction equipment and textile industry.
After a huge correction Voltas is trading in a consolidation mode. From last couple of weeks stock is trading with a high top high bottom formation on daily charts, this seems a bullish pattern in nature. As of now stock has given triangle breakout on daily charts, continuous volume growth and indication by all oscillators shows upper movement in stock to higher levels from current levels. Hence, one can initiate a buy position at current levels with a stop loss of 340 (closing basis) for the target of Rs 390-400. Time frame should be 2-3 weeks.
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