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Hero MotoCorp Technical Analysis suggests that it is trading in a descending channel. Therefore, this stock is in a downtrend. It also formed a double and triple bottom pattern but these patterns failed. Therefore, it suggests that this stock follow the channel pattern and may continue to remain in the bearish phase until its long term support of around Rs 2200.
The risk to reward ratio is also not favorable for the stock i.e. it is 1:1. The recent up move was because of the bullish divergence. The Fibonacci Retracement also suggest that stock is in a downtrend. It retraced from its 50%, 38.2% and 23.6% levels respectively.
Currently, the stock is trading below its 100 and 20 period exponential moving average. Therefore, It is not a buy till it moves above its 20 period EMA.
Hero MotoCorp Technical Analysis of the volume suggests that speculative positions are building in this stock. Also, it has a tendency to give fake breakouts. The delivery % is decreasing and the traded value is increasing.
The option chain analysis suggests that speculative positions are built at a strike price of 2600 and these are short positions. The correlation between Hero MotoCorp and Nifty is very weak.
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