Equity Technical Pick - Automotive Axles 15 Sept 2016

Short Term Positional Call - Autoaxles

Buy AUTOAXLES  (CMP - 761.65)

Three Inside Up Formation

With a gain of 2.84% today AutoAxles form a strong Bullish Position as per Technical Analysis -

The Stock is currently overbought and has favourable Moving averages. RSI (14) suggests Buy Option and so does MACD(12,26). Overall technically it is in a Strong Buy position as it crossed Resistance and still moving up. However it still has a probability of hitting its Stop Loss.

Financial Indicators also support Buying Option -

P/E Ratio 29.44 as against Industry P/E of 43.05, which makes it undervalued.

Growth Rate better than the Industry growth rate overall.

EPS less than Industry, but has a potential due to high Growth rate.

Target 804---810

Stop Loss 756

Further movement and sustenance shall take it to 850+ levels.

Week only below 756. Might show ups
 and downs on hitting Stop Loss.

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