in 2021CEAT (Ceat) has been on the buyers list. This year, the stock has seen a rise of 27 per cent, while the Nifty has seen a rise of only 12 per cent in the same period.
If we look at the performance of 1 year, then the performance of CEAT has been in line with the Nifty and it has seen an increase of about 50 percent.
CEAT, with a market cap of Rs 5,500 crore, looks set to cross its 52 week high at Rs 1,763 and touch Rs 1,900 in 6-12 months, which will be an upside of 39 per cent from current levels.
CEAT was established in 1958. It is India’s leading tire brand and is a company of RPG Group. The stock declined from its high of Rs 1,763 on 4 February 2021 and is currently trading around Rs 1300. After the correction, Ceat is getting support in its previous breakout zone and there is also a huge demand for this stock in this zone.
what is golden cross pattern
The Golden Cross pattern is a bullish breakout that we are seeing in SIET at the moment. A golden cross is an indication of further rally in a stock and is formed when the short-term moving average (50-day moving average) of an underlying asset on the daily, monthly, weekly and yearly time frame charts exceeds its long-term moving average (50-day moving average). 200-day moving average).
Mehul Kothari of AnandRath Let’s say the stock confirmed the golden cross of the 50 Week SMA in June. Generally, a stock gets bullish in a golden cross pattern. In CEAT, since it is made on a weekly scale, it becomes even more important.
Mehul Kothari further says that the technical indicators associated with the stock indicate that the recent fall in this was temporary and will see a rise in the future. Buying advice would be given in the stock at current levels. We may see a level of Rs 1900 in this stock in a period of 6 to 12 months but for this buy stop loss of Rs 1100 must be placed.
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