HERO MOTORS hold back with its name and can not be a Hero in the market with its performance, not even with its peers. Stock was in sideways initially making a cyclical moves in the range of 1300 to 2200. From the time stock made a new high at 2280, it was in down trend making lower lows and lower highs.Entire market is waiting for the stock to give a break out. Employee union issues so-rounding the management, stock is dripping down to the lower levels.
HERO MOTORS is under performer in entire Auto sector. Stock was moving in a down ward channel making lower levels day by day.After taking support at previous lows, once again stock is trying to test the channel upper levels.buy the stock for a target of 1765/1810 in shorter term with strict SL at 1610. Buy in dips to see these levels.
Stock is in down trend for longer period. Still there are chances that stock may see the earlier lows of 1370.
Look for the break out or break down of the stock. If stock heads above 1820, stock may see the previous highs of 1950/2150/2280.
If stock breaks below 1610 then it may visit the lower levels of 1562/1368