Mumbai: The Indian stock market fell heavily on Monday on weak global cues. Inflation figures in the US were worse than expected, leading to heavy selling in Asian markets. India was also no exception in this and there was a huge fall in the market in early trade. Major indices fell two to three per cent and the broader market is seen to be completely dominated by the bears. But amid this decline, investors showed great interest in Siemens. Analysts have forecast growth in all segments of the company.
According to analysts and management, there is a possibility of strong growth in the company amid rising inflation. The company’s recent quarterly results have been good and the company expects its growth to accelerate further. With this, the company’s stock has gained more than 1.30 percent in early trading on Monday. In the technical chart, the stock has crossed the short term resistance level of Rs 2390 and its volumes have crossed the average. It is currently trading above the all-important moving averages while technical parameters are indicating an upside trend. Its 14 day period RSI (56.66) is rising continuously which is indicating strong strength in this stock. Meanwhile, its On Balance Volume (OBV) is continuously climbing up which is indicating better volume strength. Its TSI and KSI indicators are also improving while the Elder Impulse System has indicated a fresh buy.
Considering its price rally, it will not be affected much by the current market sentiments and the downside risk is very less. It can go up to Rs 2500 level and then above in short to medium term. Traders can keep an eye on this stock in the coming days.
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