Chart Check: 40% rally in 3 months! This tractor stock hits a fresh record high in October: time to book profits?
economictimes.indiatimes.comEscorts Kubota Ltd, part of the tractor segment, has rallied more than 40% in the last 3 months to hit a fresh record high in October and the chart pattern suggests that the rally may not be over yet.
Medium-term investors can look to buy the stock on dips for a possible target of 3800-4000 in the next 3 months, suggest experts.
The stock rose from Rs 2376 as of July 14, 2023, to Rs 3365 recorded on 16 October 2023 which translates into an upside of over 40% in 3 months.
The stock hit a record high of Rs 3435 on 11 October 2023. It witnessed marginal selling pressure, which was in line with muted market sentiment, but the upside remains intact, suggest experts.
The stock gave a breakout from a month-long consolidation last week which has opened room for the stock to head towards fresh record highs on the daily charts.
“Despite closing at an all-time high, Escorts has provided a positive upward breakout with high volume.
