RIL has forayed into Lithium-ion battery biz through stake buy in US company. Stocks of traditional battery makers can jump up to 25, according to analysts.
1. Amara Raja Batteries Limited
Likely target: Rs 774 and Rs 840
Upside potential: 4.50% to 12%
To break out on the upside, the counter needs to firmly close above the 50-days moving average (DMA), which is currently placed at Rs 740 levels. Only upon conquering the resistance, the stock may see head towards Rs 774 and then Rs 840 levels, which are its 100-DMA and 200-DMA, respectively. The current trend suggests that the scrip is making an effort to cross the 50-DMA.
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