Buy Voltas, target Rs 650

The stock can be bought at the current level and on dips to Rs 550 with a stop loss below Rs 535 for a target of Rs 650, says Ashish Chaturmohta of Sanctum Wealth Management.

Voltas has been in decline mode after an all-time high of Rs 675 in December last year. It touched low of Rs 472 last month, retracing 50 percent of the major rise from low of Rs 287 to high of Rs 675. The stock after consolidating for few weeks at lower levels has seen a bounceback to current levels. It has been forming higher tops and higher bottoms from the                                                                                                    on daily chart.

MACD line has moved above the equilibrium of zero on the daily chart. Thus, the stock can be bought at the current level and on dips to Rs 550 with a stop loss below Rs 535 for a arget of Rs 650.

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