Greaves Cotton Trendline Breakout after Taking Support Earlier

kelmarin

GREAVESCOT today broke the Rising Trendline taking support beautifully near the convergence of 200 DSMA and Demand Zone Few Days Ago. The MACD is Strongly Positive.

Today it Had a Huge Volume candle on the back of news of board approval of the subsidiary's IPO Greaves Electric Mobility (GEML). GEML's IPO will involve a fresh issue of equity shares and the sale of shares by some existing shareholders although IPO is subject to approval by GEML's shareholders.

GREAVESCOT is primarily engaged in the manufacturing of engines, engine applications and trading of power tillers, spares related to engines, electric vehicles and infrastructure equipment.

A Close above ATH will have a Fresh UPMOVE for a Swing Trade.

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Disclaimer: This analysis is intended solely for informational and educational purposes and should not be interpreted as financial advice. It is advisable to consult a qualified financial advisor or conduct thorough research before making investment decisions.